ARIZONA NEWS

Metro Phoenix housing market could indicate economic recovery

Nov 17, 2020, 4:45 AM | Updated: 6:26 am

PHOENIX — Prospects of a coronavirus vaccine are sending the markets up, and metro Phoenix’s red-hot housing market could be another sign of economic recovery.

Homes are selling in 12 days on average in this market.

“I don’t think we can make strong statements about the housing market spreading to a broader economic recovery yet,” Zillow senior economist Chris Glynn said.

“I don’t think it’s appropriate to say that, because housing is hot, this is a sign that the economy is recovering.”

He admits buyers still have income to grab homes especially with low interest rates.

“Housing is connected to that, but for economic recovery, it’s really about the jobs story,” Glynn said.

Jobs in industries like construction are stable; meanwhile, some jobs that were cut at the start of the pandemic have returned while others will not.

In metro Phoenix, homes that sell above list price rake in an extra $11,000 for sellers, on average.

That can be credited to low interest rates, a 21.5% drop in inventory in the past month and strong buyer demand.

Glynn found homes priced between $251,000 and $307,000 went above list more often.

“There’s a lot of demand from people who are currently either renting or living with family, but looking to enter homeownership,” Glynn said.

He tells new buyers to aim for homes under their budget, in case they get into bidding wars.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Pentagon Technologies in View 202...

Damon Allred

Pentagon Technologies to build $50 million semiconductor cleaning facility in Mesa

Construction is underway for a semiconductor equipment cleaning facility in southeast Mesa expected to open later this year.

22 minutes ago

Vice President Kamala Harris speaks on the 59th commemoration of the Bloody Sunday Selma bridge cro...

KTAR.com

VP Kamala Harris to visit Phoenix day after president’s State of the Union address

Vice President Kamala Harris is coming to Phoenix this week, one day after President Joe Biden delivers his State of the Union address.

2 hours ago

(OdySea Aquarium PR photo)...

KTAR.com

Mermaid Magic returns to OdySea Aquarium in Scottsdale for spring break

OdySea Aquarium is bringing back Mermaid Magic for a limited time from March 13-18, it announced last week.

5 hours ago

The Salvation Army closed its Tempe location on University Drive and Myrtle Avenue while renovation...

David Veenstra

Salvation Army closes Tempe location during renovations of new facility

The Salvation Army closed its Tempe location on University Drive and Myrtle Avenue while renovations are underway at its new facility.

5 hours ago

A sports fan checks odds at FanDuel Sportsbook in downtown Phoenix. (Cronkite News Photo)...

Brandon Brown/Phoenix Business Journal

Sports betting saw gains in Arizona in 2023, but not all sportsbooks shared in the surge

The sports betting market continued to grow in Arizona in 2023 with more than $6.57 billion wagered on sporting events in the state last year.

5 hours ago

Joe Elliott of Def Leppard performs on Sept. 21, 2019, in Las Vegas, Nevada....

KTAR.com

Here are the shows set for Phoenix area’s biggest concert stages in 2024

Here are all the headline acts set to perform at the Phoenix area's large-scale concert venues in the coming months.

6 hours ago

Sponsored Articles

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

...

Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

...

Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Metro Phoenix housing market could indicate economic recovery