Here is what was at the top of the headlines for the Property Management and Real Estate industry this past week.
The Phoenix housing market was recently named one of the most affordable in the country and in the Southwest. Factors contributing to this rating include the cost of living remaining relatively low, home prices not yet bouncing back from the housing crash and the lack of a wave of new homebuyers flooding the market.
Are you on the fence about whether to purchase a home or not? There’s some encouraging news from the Federal Reserve for potential homebuyers in Phoenix and around the country. Their recent decision to not raise interest rates is welcome news and means more time to take advantage of record-low mortgage rates and continued opportunity for spending.
According to Freddie Mac’s latest Multi-Indicator Market Index, the U.S. housing market continues to slowly stabilize. This Index uses home purchase applications, payment-to-income rations, timely mortgage payments and the job market to calculate its results.
Single-family home and condo sales through August were on pace for an eight-year high nationwide and in 110 out of 204, or 54%, metropolitan statistical areas with sufficient sales data, according to RealtyTrac. The 110 metro areas on pace for at least an eight-year high in home through August included Los Angeles, Phoenix, Dallas, Denver, Riverside-San Bernardino in Southern California, Detroit, Seattle, Tampa, Minneapolis and Portland.