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SOURCE: Desert Property Investor
Desert Property Investor this morning was encouraged by real estate industry data showing another spike in prices for Phoenix area homes.
Phoenix, AZ (PRWEB) December 14, 2012
Following a story appearing in AZ Central Online, Desert Property Investor concluded that sales data reported for the month of October was excellent news for individuals seeking real estate investment opportunities in the Phoenix area. Desert Property Investor reached its decision after reading comments in the AZ Central story by Mike Orr, director of real estate theory for ASU's Carey School of business; Orr indicated that home prices in Arizona (up 5% from previous months) indeed may not have peaked yet, and are being pushed in equal parts by demand for Arizona home rentals as well as so-called normal resales. Desert Property Investor was further encouraged by statistics in the business school report showing an increased availability and affordability of houses in the Phoenix market, many buyers paying cash for a plentitude of homes in the range of $150,000 and less.
AZ Central online quoted an ASU Carey School of Business report showing the Phoenix housing market is still on the rise, with no signs of peaking any time soon. The latest home index price rise has been sparked in part by an increase in normal resales and a spokesperson for the Carey business school said Wall Street investors should begin to back out of Phoenix real estate by early 2013 as home prices continue to rise.
A normal resale is a real estate transaction where the buyer intends to live in the purchased home.
Desert Property Investor agreed with analysts' reports indicating that the Phoenix housing market has yet to hit its peak, and that the latest rise in home prices (due to "affordability plus availability") -- is generating a significantly higher percentage of so called normal resales than the Arizona market has seen in previous months.
About Desert Property Investor:
Desert Property Investor evaluates opportunities, pitfalls, services, and legislation related to the investment in residential property in the California, Arizona and Nevada deserts.
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