With big price gains, waning investor interest, and plunging foreclosure activity, the metro Phoenix housing market was looking more “normal” this summer than it’s been for several years, according to a new report by Arizona State University. Even the number of buyers and sellers has finally begun showing some signs of balance after two years of a chronic shortage of homes for sale. But there is still much room for improvement, particularly in the new-home market where sales rates are still less than one third of what’s necessary to keep pace with the Valley’s current population growth
For full article see: http://www.bizjournals.com/phoenix/blog/business/2013/09/is-the-phoenix-housing-market-finally.html
Phoenix seems to have finally recovered from the terrible market it was previously in, but are we just preparing ourselves for another housing bubble? Sources say no, as of now there are many more buyers searching for houses than there are houses available. There is a multitude of reasons why we have bounced back, such as; Lower interest rates, and people returning and wanting to live in the beautiful environment. Most importantly being the decrease from 56,000 homes on the market in 2008 to only 16,000 in the year of 2013.
