According to Michael Orr, a real estate economist with ASU and a bloke that knows more than most about Arizona’s real estate market, single family home sales are down 17% compared to this time last year.
Michael, in an article on azfamily.com this week, says that the housing market has officially hit a slowdown due to a stall in demand and that if current conditions persist, residential real estate prices could head south before the end of 2014, if not in the coming months.
See the data below for further proof of a slowing market with Active Listings rising while Sales decreasing.
Active Listings as of February 19, 2014
Sales as of February 19, 2014
The article can be found at http://www.azfamily.com/news/consumer/alerts/ASU-report-Phoenix-housing-market-hits-slowdown-245863201.html