Sales volume, foreclosures down while prices, rents up - Biz Journals - ASU housing expert Michael Orr has some springtime optimism about Phoenix's real estate market despite January declines in sales volumes for new and existing homes. Orr said some January data and forward-looking trends show housing improvements. Median single-family home sale prices were up 5.6 % in January compared to a year earlier ($208,000 vs. $197,000), according to Orr.
“January is always a quiet month, but we believe this was a lull before the storm. We have already seen early signs of much stronger activity from buyers in February and March. Looking at the number of homes going under contract, there was significantly increased demand in the lower and middle price ranges.”
Michael Orr, Director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business at Arizona State University.