Phoenix Home Prices Up

Phoenix Home Prices Improve

Phoenix is one 91 cities out of 152  across the country to post an increase in home prices during the past year.

Results from the National Association of Realtors latest survey, released Today, show existing home prices climbed 9.1  percent in the Phoenix-area for the 12 months ended March 31st.  The region’s median price climbed from $129,200  to $140,900
during the period.

“Buyer confidence is back, and home buyers have long-term views,” said National Realtor President Vicki Cox Golder, who is a Tucson  real estate agent. “The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us.”

She said more people are buying with plans to hold onto homes for 10 years or longer.

The shift in mindset among buyers, particularly in metro Phoenix, is key to the area’s housing market recovering.

Some other cities that experienced home price booms and crashes during the past six years didn’t fare as well as metro Phoenix. Home prices are down 15 percent in Orlando and 11.8 percent in Las Vegas.

Even more stable housing market are posting declines in home values. Chicago’s home prices dipped 5 percent during the 12 months tracked by the Realtor report. Albuquerque home prices are down 4.6 percent. and Seattle saw a 4 percent decline.

Source: http://www.azcentral.com/members/Blog/CatherineReagor/82038

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