Valley-wide real estate statistics show that the rate of increase for home prices in the Valley was at 2% - the lowest monthly rate of increase for this year. This is from the Arizona State University Department of Real Estate and mirrors what we Realtors are seeing in the field with inventories increasing and selling times getting longer.
According to an article in the Arizona Republic today, housing in the overall Phoenix area had prices increase 47% over the past year. The July median cost for a resale home rose to $255,000.
Local pricing increases have been triple the national rate for all of 2005. The expert's prediction (based only one month's data - July) is that the rate of increase will slow over the next several months until it approaches the national average.
According to the article, industry experts predict that the number of sales and price increases will slow but remain at fairly healthy levels.
So, no bubble to burst but it looks like we will have a reduction in the rate of increase in the price of homes.
Stay tuned!
Richard
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Thanks for joining in the discussion.
Richard