Valley home values soar 32 percent in past year - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Valley home values soar 32 percent in past year

Print
Font Size:
Default font size
Larger font size

Posted: Monday, July 2, 2012 9:08 am

Valley home prices have skyrocketed by nearly one-third in the past year as a growing shortage of units for sale keeps boosting housing values.

Median sales prices were 32 percent higher in May compared with a year ago, according to the W.P. Carey School of Business at Arizona State University. Prices were up 9 percent since April, $147,000.

The recent trend of soaring prices is likely to end as summer settles in as people are less willing to move in 110-degree temperatures, said Mike Orr, a real estate expert at ASU.

“We’ll still see a pretty healthy transaction rate, but I think we’ve got to let people catch up a little bit on pricing and it wouldn’t surprise me if we went sideways on pricing for a month or two,” Orr said. “After all, there is a limit.”

The number of homes on the market dropped to an unusually low 8,550 on June 1. That’s down 50 percent in one year. The tight supply has led to bidding wars and buyers getting flooded with offers.

One Chandler home garnered 84 offers and a house in Glendale had 95 — only to sell for 17 percent higher than the asking price.

“If I was in the business of trying to buy a house, I’d focus on going to a new subdivision,” Orr said.

The East Valley remained the hottest portion of the market for new homes. Gilbert held the record with 187 houses, followed by Chandler’s 49 and Mesa’s 49. Phoenix logged 60 new homes in May.

However, overall home sales fell nearly 6 percent because of a short supply of listings.

Orr said looming economic woes could dampen the market, but he wouldn’t predict the market’s performance more than a few months ahead. Even if interest drops among buyers who plan to live in the home they purchase, Orr said strong investor demand will fill that gap.

New home construction shot up 57 percent in the last year as homebuilders are responding to the shortage.

“They’ll go as fast as they can but that’s not very fast because of the shortage of labor,” Orr said. “It’s not clear how quickly the labor shortage can be filled.”

• Contact writer: (480) 898-6548 or ggroff@evtrib.com

More about

More about

More about

  • Discuss

More Hot, Dry Weather Expected Near Big Sur Blaze

(BIG SUR, California) — Firefighters are bracing for hotter weather and lower humidity in the area near Big Sur where a wildfire has destroyed…

Published: July 28, 2016 - 2:52 am @ http://time.com/4427969/firefighters-brace-for-hot…

Tropical Storm Mirinae barrels across southwest China

Tropical Storm Mirinae has hit China's Hainan province with damaging winds and flooding rains. It is the third tropical storm to hit China thi…

Published: July 28, 2016 - 12:21 am @ http://www.aljazeera.com/news/2016/07/tropical-sto…

Body-camera video shows fatal police shooting in Ariz.

WINSLOW, Ariz. — Body-camera footage released by the city of Winslow on Wednesday shows the seconds leading up to the fatal shooting of a 27-y…

Published: July 27, 2016 - 11:51 pm @ http://www.usatoday.com/story/news/nation-now/2016…

Uganda Unveils its First Solar-powered Bus

Print Dodging Costs and Power Cuts, Tanzanian Firms Profit From Solar Drive Facebook's Solar-powered Internet Drone Takes Flight Solar Plane C…

Published: July 27, 2016 - 11:23 pm @ http://www.voanews.com/content/uganda-unveils-its-…

Team Canada sending 313 athletes to Rio Olympics

The Canadian Olympic Committee has announced Canada's full 313-athlete team for the Rio Olympics. Canada's contingent is made up of 187 women …

Published: July 27, 2016 - 11:21 pm @ http://olympics.cbc.ca/news/article/canadian-olymp…

Living a Fit and Full Life: 1byone 24W Portable Solar Charger with 2 USB Ports Review

1byone 24W Foldable Solar Charger with 2 USB Ports High Solar Cell Efficiency:  The 24-watt high-efficiency solar panel generates a power conv…

Published: July 27, 2016 - 11:20 pm @ http://www.livingafitandfulllife.com/2016/07/1byon…

Minnesota in a Box: To Get You to Visit, the State Will Now Visit You First

Take a vacation to Minnesota? Nah, it's too cold and dreary with all that snow and dreary-ness. Brrr… To combat this common misperception, Exp…

Published: July 27, 2016 - 10:21 pm @ http://www.adweek.com/adfreak/minnesota-box-get-yo…

Turkey shuts down dozens of media organisations

STEPS FOR DISABLING AD BLOCKERDriving in Canada Canada - a home away from home Canada, it's time to change! Living with a disability in Indo-C…

Published: July 27, 2016 - 10:21 pm @ http://timesofindia.indiatimes.com/world/middle-ea…

Daniel Johnston's Amazing Life Is Now A Batshit Graphic Novel

Born in Salamanca, Spain, and now based in Barcelona, Ricardo Cavolo is an illustrator and muralist who has won international acclaim for his …

Published: July 27, 2016 - 10:22 pm @ http://www.thefader.com/2016/07/27/daniel-johnston…

Obama visits wounded veteran Cory Remsburg's new home

Gilbert - President Obama's visit to the Valley on Friday included a discussion at the Phoenix VA Hospital and a meeting with Kayla Mueller's …

Published: July 27, 2016 - 8:50 pm @ http://www.abc15.com/news/region-southeast-valley/…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…