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Phoenix Real Estate Market – October 29, 2020

Phoenix Real Estate

Local News for Phoenix Real Estate Market

 

There is a lot going on in the Phoenix real estate market this week. Home sales are setting new records while the Governor just increased the budget for the Arizona rental relief fund.

Phoenix Real Estate Market: Single Family Homes Selling Fast – Prices up 12% Year over Year

The desire to live in a single family resale home is strong.  So strong that purchase prices for single family resale homes are at all-time highs in Greater Phoenix.  But purchase prices are not the only number that has reached an all-time high. To date the 2020 median purchase price year-over-year is up twelve percent.  This is the highest year-over-year Increase in seven years.  And this is happening during a pandemic and high unemployment.
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Existing-home sales soar 9.4% in September

Existing-home sales grew for the fourth consecutive month in September, according to the National Association of Realtors. Each of the four major regions witnessed month-over-month and year-over-year growth, with the Northeast seeing the highest climb in both categories.

Total existing-home sales, https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 9.4% from August to a seasonally-adjusted annual rate of 6.54 million in September. Overall sales rose year-over-year, up 20.9% from a year ago (5.41 million in September 2019).
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Arizona Governor Ducey: $7 Million For Housing & Rental Assistance

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Salt River Field drive-through holiday light show to feature 5 million lights

SCOTTSDALE, AZ (3TV/CBS5) There’s a new holiday tradition coming to the Valley this year. Holiday Lights at Salt River Fields, a dazzling drive-through holiday light experience, makes its debut in 2020. Santa’s elves” in Scottsdale have been hard at work for weeks assembling the massive display.
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If you’re in the market for a new home purchase or want to refinance to a lower rate please give Chris a call

 

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