A new report from the W.P. Carey School of Business at Arizona State University says the number of available homes for sale continues to rise, after the area experienced a very tight supply for months. Active listings, not including those already under contract, went up 32 percent from Oct. 1 of last year to Oct. 1 of this year. More people appear willing to put their homes up for sale as prices rise.
“If the current trend continues, supply will exceed demand by the end of the year,” says Mike Orr, director of the Center for Real Estate Theory at Practice at the W.P. Carey School. “We now expect a balanced market to prevail during November. This is great news for buyers since they will experience less competition and be in a strong position to negotiate.”
The luxury market continues to perform well, thanks to the rising stock market and a big increase in the availability of jumbo loans. Sales of $500,000-plus, single-family homes grew an incredible 51 percent from September 2012 to September 2013.
Orr’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed and downloaded here.
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