ARMLS (Arizona Regional Multiple Listing Service) has published the 1st Quarter, 2008 Economic and Market Watch Report which can be found on their website here along with previous quarters reports. This is usually published around mid-quarter following the quarter being reported. It covers a number of interesting housing market statistics and trends for Maricopa and Pinal counties. Both counties are rated as buyer’s markets (no surprise).
Average prices are forecasted to be up in Q2 ’08, which is contrary to the recently published data by ASU Realty Studies. It’s also contrary to ARMLS’s own data just published for April here, which shows a decline in April’s average price, $278K down from March $293K. However, the quarter is not yet over, so perhaps we can anticipate a dramatic turnaround in May and June.
You can peruse sales data for all county zip codes for Q1, which includes average price, average days on market, homes sold, and average % of asking price (sold/list) received.
Ken Fears, Regional Economics Manager and Lawrence Yun, NAR Chief Economist both provide their perspectives on market trends. Ken’s focus is on the impact of lower mortgage rates, and the uncertainty of the market through 2008. Larry focuses on the long term market impact and positive effects on home owners that have held for the long term. His bottom line forecast is for the housing market to improve “markedly” in the second half of 2008, with momentum carrying forward into 2009.
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
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