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Housing Market Update: Scottsdale and Phoenix AZ

The Scottsdale and Phoenix housing market needs an injection of buyers. Home sales are down from a year ago and prices are flat or down in the valley of the sun. More homeowners are considering or actually putting there home on the market to try to sell there home. Higher prices have also slowed down the market. Many sellers find themselves in a price reduction in order to sell. Supply is up and demand is down. October home sales were down 5 percent year over year.

Phoenix home

Arizona needs a boost of buyers from first time buyers. Mortgage and lending requirements have made buyers put down much larger down payments and more documentation has slowed down buyers. Most buyers simply do not have enough cash to put down on a home. So they continue to rent. Moving forward, lenders have committed to coming up with a plan to help first-time buyers get into the real estate market.

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