Phoenix Single-Family Home Sales Down 4.3 Percent From Previous Year
Phoenix single-family home sales have slowed as pricing continues to increase according to a new report by real estate marketplace Tex-X, via Business Insider.
Ten-X’s Second Quarter 2017 Economic and Single-Family Housing Market Outlook Report for Phoenix saw a 4.3 percent decline in sales from a year ago. Homeownership rate in the region fell to 62 percent, which is just under the national average of 64 percent.
That’s potentially worrisome for the future of Phoenix’s housing market, according to Ten-X Executive Vice President Rick Sharga. In a statement, he adds, “in many cases, it's now less expensive for Phoenix residents to rent than to own a home.”
The economy is strong in the area, which may account for homeownership numbers remaining stable despite the dip. Payroll increased 1.8 percent from last year and new business growth has helped to keep the unemployment rate at four percent, which is below the nation’s average.
Phoenix does continue to outpace the rest of the nation in home prices with an 8.2 percent year-over-year increase. With a median price of $239,427, there is still room to fluctuate even higher as prices have yet to hit the same heights they reached before the recession bubble.