Article written by Catherine Reagor, with the AZ Republic – “Home-sale prices across metro Phoenix are expected to be flat or dip a little during November. And sales will be down.
But the forecast calls for demand to pick up in December.
The latest pending sales index from the Arizona Regional Multiple Listing Services shows the area’s median home price will be $190,000 for this month, compared with $191,000 in October.
The number of November home sales is expected to reach about 5,300, down from 6,154 in October.
“We expect the typical historical pattern for home sales this time of the year, with a fall from October to November and then sales rising in December,” said Tom Ruff, housing analyst with ARMLS’ Information Market division.
During October, home sales were higher than they were in October 2013. It’s the first time this year monthly Valley home sales have finished higher than last year’s pace.
ARMLS home sales and price figures don’t include new-home sales in the Phoenix area, so its numbers are lower than those tallied by Mike Orr of Arizona State University’s W.P. Carey School of Business.”