PHOENIX — The Valley’s housing market is changing and so far, it’s not for the better.
A new report from the W.P. Carey School of Business at Arizona State University revealed that sales of single family homes dropped 17 percent from December 2012 to the same month in 2013.
The news was worse for homes priced under $150,000. Sales of homes in that price range dropped nearly 50 percent during the same time period.
“Buyers are starting to lose enthusiasm,” said Michael Orr, director of the ASU Center for Real Estate Theory. “There are not so many bargains out there for investors. Generally speaking, most areas are seeing more sellers than buyers right now.”
Orr said that there is speculation that a rise in interest rates is to blame. He also said that young people may be part of the reason.
“It does appear that the millennial generation, those aged 20 to 35, is participating in housing, at least in house purchases, much less than previous generations and is preferring to rent,” said Orr.
One bright spot is the luxury home market. There was a 21 percent increase in the sales of homes worth over $500,000 over the same time period.
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Water tips to save money, help save the Earth
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life
- 5 potential warning signs about your child's development