housing market continues to rise steadily
The housing market’s recovery is picking up steam in most neighborhoods across metropolitan Phoenix, according to the latest data for home values. Three-fourths of all the region’s ZIP codes saw home values climb during the first nine months of this year, according to The Arizona Republic’s Valley Home Values report. Most of those jumps were in double-digit percentages.
At least 20 ZIP codes posted jumps of more than 25 percent. Most parts of metro Phoenix haven’t recorded home-price increases since 2007, when the crash was beginning. Helping boost home prices has been a huge drop in the number of inexpensive foreclosure resales. Now, only 13 percent of all sales in the region are homes taken back by lenders for resale, compared with 50 percent last year. Housing prices haven’t returned to the boom-period highs, but in some areas, prices have recovered to levels not seen since 2003. The housing recovery is expected to continue throughout the year as long as there are enough buyers and sellers.
“I think the recovery is in full swing, although we may have a few little dips coming out of it, but nothing major in my opinion in this market,” said Matt Widdows, CEO for HomeSmart, a Phoenix-based residential brokerage. “There has never been a better time to buy with prices and rates as low as they are today. We probably won't see this combination again in our lifetime.”