greater phoenix housing market update michael orr, director center for real estate theory &...
TRANSCRIPT
Greater Phoenix Housing Market Update
Michael Orr, DirectorCenter for Real Estate Theory & Practice
May 6, [email protected]
March 2015 Homes Sales Were Up 17% from March 2014
Rank 14 of 17
Rank 8 of 17
Rank 12 of 17
LONG TERM AVERAGE
Overall Demand is Back to Normal
Entry Level Housing Supply Shortage Is Clearly Evident
Chronic Housing Supply Shortage
Not a Problem for Homes Above $500,000 or Rentals Over $2,000
Reaching Extremely Low Levels Below $200,000 or Rentals Below $1,200
Home Prices Are Now RisingExpect 5% During 2nd Quarter
Range bound Dec 13 – Nov 14
Situation Summary – May 2015
• Supply is well below normal (79% of normal) • Demand is now normal & stable (102% of normal)• AZ loan delinquency below normal at 4.4%• Foreclosures below long term average• Lending rules starting to loosen• Mid range market heating up• Very high end market still very strong• Economy and jobs continue to improve• General optimism prevails• Low end supply a major concern
