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.
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever
- Gameday recipes and beers to match
- 6 reasons the Cardinals are driven to win the Super Bowl
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas