Most housing markets shifting in favor of buyers, but Phoenix bucks trend
PHOENIX — Conditions for homebuyers are looking up in most of the nation’s housing markets, according to a real estate website, but Phoenix is bucking the trend.
“Nationwide and in most of the biggest metros in the country, market conditions have started to shift more in favor of buyers,” Zillow economist Jeff Tucker told KTAR News 92.3 FM last week.
“Probably the most important thing for buyers is that there’s more inventory on the market than we’ve seen in the last few years.”
But Zillow found that five of the nation’s 35 biggest metro housing markets are moving in the other direction.
“Phoenix is actually a standout, kind of cutting against the trend, by remaining a pretty steady, strong market that is not actually seeing a lot of relief for buyers in Phoenix,” Tucker said.
“Inventory there has been lower over the last year than it had been in previous years.”
There is a big demand for homes in the Phoenix, Tucker said, especially from people living in more expensive housing markets in California looking to maintain their lifestyle for a lower cost.
He said housing construction is also booming in the city, with builders getting permits in 2018 to build about 30,000 homes.
“The continued demand for housing there is really supporting jobs in the area, and it shows no signs of slowing in Phoenix, in particular,” he said.
Tucker said Phoenix’s median home value was $265,000, and homes in the area tend to sell for about 2.5 percent less than they are listed for.
Phoenix stands out as one of the fastest home markets, he said, with houses going from being putting on the market to closing at an average of 61 days.
“That does actually mean for buyers in Phoenix things are still moving at a very fast pace, which can make (it) a little stressful for buyers,” Tucker said.
“If you’re a seller, though, that’s good news — you want to be able to close quickly.”
KTAR News 92.3 FM’s Taylor Kinnerup contributed to this report.