Arizona Real estate has many unknown factors. We can look at the numbers and hope after the Corona Virus is over we can be optimistic. The S&P Case-Shiller Indices are considered to be among the leading measures of U.S. home prices. According to their most recent release, which covers data through January, home price increases were accelerating at the start of the year.
In fact, their 20-city composite index was up 3.1 percent year-over-year, up from 2.8 percent the month before.
Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, says the increases were broad based.
“Results for the month were broad based with gains in every city in our 20-city composite; 14 of the 20 cities saw accelerating prices,”
Lazzara said. “As has been the case since mid-2019, after a long period of decelerating price increases, the national, 10-city, and 20-city composites all rose at a faster rate in January than they had done in December.”
In other words, high real estate buyer demand combined with a lower number of homes for sale in Arizona had begun to push prices upward. However, Lazzara cautions that their data predates the effects of the coronavirus and the impact that it may have on home prices.
Like they said we have no real numbers to go by yet, as soon as we see the number of home listing cancellations, home sales numbers, Showings numbers, and average days on the market we will have a lot more to look at.
So far Arizona For Sale Home listings going on to temp off the market, cancellations, significantly less showing time showings stats. The sellers that can wait, are waiting. The sellers that can't wait may be a lot more flexible with buyers making offers with flexible terms and room in the price.
Once Corona Virus is gone, the experts are thinking the real estate market will correct and move forward. They are probably right, but my question is how long will the buyers market last?
As we pause be optimistic about real estate, we still urge you to be conservative and buy well within your budget.