Climbing Home Prices In Phoenix? It's true! According to the Case-Schiller Index, homes prices in Phoenix rose for the third straight month (up 1.8% from June to July). To keep this in perspective, a majority of this increase is due to the foreclosure market. A fair share of these are listed "low", which creates a bidding frenzy, consequently resulting in "higher" priced sales.
This is affecting the new home sales as well. With the level of inventory (or spec) homes quickly diminishing, and the November 30th Tax Credit deadline soon approaching, you may soon be paying more for one of these homes. Just think back to Economics 101 - supply and demand.
With the eminent convergence of higher interest rates, home prices creeping upwards, and the diminishing inventory of homes that can close by November 30th, NOW is absolutely the time to buy a home.
Please contact me for further info or feel free to leave a comment.
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