The Arizona Republic finally reports today in their headline story what we've been reporting for some time - the housing market here has peaked. However, not wanting to COMPLETELY FREAK OUT THEIR READERS, they failed to report the current explosion in listings that we did here.
Since 40%+ of ALL JOBS in Phoenix are tied to the housing industry (we don't have real companies, we just sell houses to each other), this "we've peaked" moment is big. Why? Because there is no city where housing is more important to its overall economy.
Metropolitan Phoenix home prices dipped slightly in October, signaling the housing market has likely peaked.
The median price of an existing house inched down 1 percent in October to $259,900, according to the Arizona Real Estate Center at Arizona State University's Polytechnic campus. The median Valley home price was $263,000 in September.
"The housing market is returning to normal," said Jay Butler, director of the Real Estate Center. "It was bound to happen."
This was the first monthly drop since December 2003, right before housing prices started their meteoric rise. The price of a used Valley home is up 44 percent since October 2004.
November 11, 2005
Phoenix Housing Market Cooling
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New York (Manhattan apartment rental prices drop.
REAL SLOW ESTATE
By BRADEN KEIL
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November 10, 2005 -- Has the Manhattan residential real-estate bubble finally burst?
Apartment prices continued a downward trajectory in October on the heels of a disappointing third-quarter report, according to the latest monthly figures by Halstead Property.
Median and average apartment prices fell 4.2 percent and 8.4 percent, respectively, from the end of September, and a whopping 15.9 percent and 18.3 percent since June, says the report. It attributes the continuing downswing primarily to "a lack of closed sales at the high end of the market [that] kept the average sale price down in October...
Correction:
Sales of prices of Manhatten Apartment buildings drom.
Thanks.
not only will it get hotter because of global warming, but we also create our own proven "heat island" here because of - you got it - all the development. concrete and asphalt absorb sunshine all day and then radiate it back. then add in the car emissions. so it's midnight and it's 100 degrees
this town is f'd
the best thing that could happen for it is housing bursts soon, sending the illegals back to mexico, and stopping this crazy development - 50 miles out of town their building damn tract homes
This summer in Scottsdsale has been the hottest and longest summer I've survived for the last 13 years. I kept wondering why the heat would not break well into October/November 2005. If this is a treand, I'm out of here! Idiot realtors keep chirping that that weather here is "wonderful" 9 months out of the year. What place are these morons using as their comparison? Perhaps Hell?
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