Arizona Real Estate

Arizona Real Estate

Arizona Real Estate may have slowed down some, but it is still quite active in the desert southwest. One of the reasons why this is, may be due to the fact that living in in the desert southwest is still much more affordable than many of the areas in the southwestern part of the United States.

Arizona has a lot to offer which may make the notion of moving to Arizona, a more attractive one. Nationally speaking, sales of new single-family homes increased 16 percent in April, according to the U.S. Department of Commerce.

Looking specifically for Phoenix Arizona Real Estate? I came across an article on AZ Central that was posted by The Wall Street Journal, regarding the forecast for the housing market for the next several years.

The report stated that "median house prices are likely to decline more than 10 percent over the next few years in 20 metro areas." The areas included cities such as Las Vegas, Washington D.C., as well as real estate in Arizona.

The report, found on MoodysEconomy.com Inc., which is a research firm in West Chester, Pa., also believes that the decline of these cities along with Arizona Real Estate, will not end any time soon. According to the report, it notes that Arizona Real Estate prices may in fact, continue to keep falling until the year 2008 or even 2009 in some areas. Arizona Real Estate is not alone, though. Moody's Economy predicts that prices are either falling or will likely decline soon in some other 100 metro areas.

Not one person or even a study that may have taken weeks to complete can guarantee what many have or are predicting, though, so you should not assume anything. No one knows for sure just how bad or how good, for that matter, that the market will look like in a year from now. Also, what may hold true for some areas may not hold true for other areas, even within the category of Arizona Real Estate.

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The Arizona Republic published an article in May 2007 that reported that on a national level, new home sales actually increased in the number of sales which certainly was a surprise to many. Much of the national increase in housing sales was in part, according to due to builders having to cut prices on these new homes in addition to offering sales incentives, according to Brian Catalde, president of the National Association of Home Builders.

Catalde elaborates and said in the article that, "We are also seeing buyers gravitate toward lower-priced homes to counter their affordability problems."
Also according to the Arizona Republic, Arizona Real Estate, however, did not fair as well. New home sales across the Valley of the sun, dropped 20 percent from March, 2007 and it was also reported that building permits for new homes dropped 5 percent, while permits for existing homes were reduced 8 percent.

This very same article sounds optimistic as it highlights the fact that, despite reduced housing sales, there were still 42,460 new homes built throughout the valley of the sun. I don't know about you, but that still sounds like an awful lot of houses that continue to be built. If you live here in Arizona, you probably know that there are house deals everywhere! I have heard of builders not only reducing the price of the brand new home by several thousand dollars, but also throwing in the appliances and a pool! And, here in Arizona, a pool is something that many home owners just cannot do without in the hot Summer months.

The only problem sometimes is that the individual wishing to jump on such an offer needs to first sell their existing homes. Finally, no matter what anyone predicts, I have heard many real estate professionals say that as long as the state of Arizona continues to grow, there will be a need for housing. I have also heard these same professionals say that it is very typical for the market to fluctuate and that the housing market will rebound once again and it is just a matter of time.

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