Phoenix is Experiencing a Runaway Housing Market

Economists have been predicting a “spring revival” since the beginning of the year thanks to hearty buyers who refuse to let low inventory keep them from finding the perfect home, and here now Phoenix is Experiencing a Runaway Housing Market.

Phoenix is Experiencing a Runaway Housing Market

According to a recent realtor.com study, homes are flying off the market at a dizzying pace, selling eight days quicker this spring.

And NAR’s existing-home sales for March further prove the trend is true: The housing market is as robust as ever.

In March, NAR’s existing-home sales spiked 4.4 percent to a seasonally adjusted annual rate (SAAR) of 5.71 million — up from a downwardly revised 5.47 million in February.

This month’s sales pace is 5.9 percentage points above March 2015 and is the fastest SAAR sales pace since February 2007.

Phoenix is Experiencing a Runaway Housing Market

How did buying patterns vary across the country?

  • In the Northeast, existing-home sales jumped 10.1 percent to an annual rate of 760,000 million, up 4.1 percent from a year ago.
    Median price: $260,800, a 2.8 percent year-over-year increase.
  • In the Midwest, existing-home sales increased 9.2 percent to an annual rate of 1.31 million.
    Median price: $183,000, a 6.2 percent year-over-year increase.
  • In the South, existing-home sales rose 3.4 percent to an annual rate of 2.42 million.
    Median price: $201,600, a 8.6 percent year-over-year increase.
  • In the West, existing-home sales decreased 1.6 percent to an annual rate of 1.22 million.
    Median price: $347,500, an 8.0 percent year-over-year increase.

What to Consider When Buying a Home.


Who You Choose Makes a Difference When Buying or Selling a Home
5 Star Zillow Premier Agent Review:

John Sposato and his team are absolutely amazing! Extremely responsive. John was very aware of our needs and likes so our pool of homes to look at all really had the chance to be “The One”. John has been our realtor from when we purchased our original home back in 1999. He negotiated a great buy then and has gotten us our ask price on one sale, which was the highest per square foot purchase in the area at the time, and darn near asking price on our last sale, before this purchase. As he has been for 17 years, John and his team, is who I will be looking to for any future purchases myself and who i will be referring out when asked. Thank you again to John and his team! Your the best! Those thinking of real estate in the Phoenix Market would be wise to give John and his team a call. You will not be disappointed! I assure you that! ~ Ty Wilcox

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