With prices stabilizing and actually rising year over year, historically low interest rates, falling foreclosures, Fannie Mae & Freddi Mac contemplating renting foreclosed homes instead of selling them, and now the Fed mulling over how to help households repair their balance sheets, there has been no better time in over a generation to purchase residential real estate here in the Phoenix market.
Inventory is low and getting lower, so at some point prices were bound to start rising. And now they have. MLS statistics indicate a year over year increase of 6.36% in median pricing. Yes, you heard that correctly. Median prices based on MLS stats increased 6.36% year over year in Arizona's largest market.
The Wall Street Journal agrees. In a recent column, Jack Hough went into great detail on this subject. If you have been waiting for the bottom, it has come and gone. Time to start looking.
