Wednesday, May 14, 2008

Phoenix Real Estate Market Is Improving

The National Association of Realtors unveiled a press release today, which said: "A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®."

The NAR forecast went on to say that the recovery hinges in large part on mortgage affordability. NAR President Chuck Gaylord said “Our members are telling us that more buyers are looking at homes but are slow in signing contracts... In many cases buyers are waiting for greater access to affordable credit,,, but some are disappointed with what appears to be unnecessarily restrictive lending requirements.”

It's not very often that I agree with the NAR, but here I do. As I posted yesterday, the part of the metro Phoenix market that I cover is showing definite signs of improvement. We've still got a long way to go, perhaps as much as another 6 to 10 months before things are "normal" again. But we've made a beginning. Pending sales are up.  Overall sales are increasing.  Prices aren't dipping as hard as they had been. Of course, all of these links are to bloggers I know and love, each giving their own personal touch to the fabulous news that the metro Phoenix real estate market is improving!