Arizona Loaned

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Resource: The December Cromford Report

The Cromford Report is a monthly snapshot of the Phoenix housing market. If you are in the industry, or thinking about buying a home, it is a great resource. Below is a summary of the December report, but you can download the full version in our Arizona mortgage resource center.

Greater Phoenix – Single Family Detached

Market Headlines

  • Except above $800,000, sales prices in $/SF are now higher than a year ago.
  • Inventory is falling again for all price ranges.
  • Above $400,000 demand remains relatively weak.
  • Lender-owned inventory is still falling and REOs are losing market share in sales.
  • Active short sales are fewer in number, with normal listings gaining market share.

1. Homes under $100,000

Summary: Low supply conditions heavily influencing the market. Sales prices are now 6.9% higher than last year.

2. Homes Between $100,000 and $200,000

Summary: Supply and demand both move lower. Pricing is still moving up.

3. Homes Between $200,000 and $400,000

Summary: Supply has fallen and sales are perking up. Pricing remains extremely stable.

4. Homes Between $400,000 and $800,000

Summary: Supply is down but demand not very strong. Prices stable.

5. Homes over $800,000

Summary: Supply has stopped growing but demand remains weak. Prices remain remarkably stable.