Rising Home Prices May Slow
Valley home prices are expected to climb at a slower pace or flatten out during the coming year.
Housing market watchers including Realtor.com expect Phoenix home prices to climb between 4 and 6 percent this year.
This forecast is based on pending sales, population projections and recent job growth numbers.
That compares to the 6 to 8 percent annual home price increases during the past few years,
Worried about a bubble?
Home prices reached a medium price of $268,000 last summer, than dropping to $262,000 last fall. That said, if inflation is taken into consideration, home values are more than 10 percent below the 2006 boom level.
Tina Tamboer, senior housing analyst with the Cromford Report said " nothing in the current data shows a market crash coming for Phoenix."
There is some good news for buyers in that there are 4.2% more listings than one year ago, however, that only provides approximately 3.2 months of inventory, well below normal averages.