Arizona Housing Market Prices Are Rising But Still Not Recovered From Recession

Arizona Housing Market Prices Are Rising But Still Not Recovered From Recession

 As the nation’s housing market prices recover to pre-recession levels, homes in the Arizona market are still on average worth 16 percent lower than they were almost 12 years ago.

Those findings come from a report by CoreLogic looking at state by state and national market recovery.

Most of the country’s housing markets peaked before falling into deep decline around 2006, including Phoenix. Nationally, the market has recovered since dropping 33 percent during the recession, and hitting a bottom in 2011.  U.S. housing prices are 1 percent above the 2006 peak.  

Arizona joins the ranks of other states such as Florida, Illinois and Nevada in not reaching pre-crash levels. It saw its own peak in June 2006, before plunging 51 percent from peak to trough, one of the largest drops in the country. Arizona has seen a 70 percent increase from its trough point but, the market is still 16 percent lower than its peak prices.

The current market conditions are in favor of sellers, especially with houses on the market under $300,000. These are likely to be competitive and get several offers.  

For buyers with prices rising, holding off will likely lead to getting a smaller house for your money. Each year a buyer holds off with current rates they could be losing 50 square feet for the same price.

Source: Phoenix Business Journal


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Dated: July 1st 2018
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