Buyers Waiting For Better Deals as Slow Summer Rolls On – Monthly Survey of Real Estate Agents – August 2014









The distance between insanity and genius is measured only by success.

Bruce Feirstein

Traffic finds a floor, but pricing power continues to shift away from sellers: Our Buyer Traffic Index edged higher in

August to a reading of 35 from 34 in July, but remains firmly in ‘disappointing’ territory. While August is a seasonally slow
month, commentary from agents suggested buyer patterns were similar to recent months as disinterest at current home
price levels and perceived weakness in the economy/job markets have negatively impacted buyer urgency—especially as
inventory levels have continued to rise. As demand trends have slowed, we continue to see the pace of home price gains
decelerating. On a regional basis, Texas markets remain an outperformer with traffic roughly in-line with expectations for this
time of year. In contrast, Phoenix and the Inland Empire are still large underperformers and pricing trends there reflect the
more challenging demand environment.
• Demand remains solid in Texas, but broadly weak trends prevail elsewhere: In August, 31 of the 40 markets we
surveyed saw lower than expected traffic (from 31 in July), 8 saw traffic in-line with expectations (7 in July), and 1 saw better
than expected traffic (2 in July). Texas has become the lone outperformer as Florida is now in-line with the national average
and previously strong coastal California markets like Los Angeles are now meaningfully below the national average. Of the
Texas markets, Houston bounced back in August with traffic hitting expectations after a slow June/July period, while Austin
remained in-line, San Antonio traffic exceeded expectations again, and Dallas came in just shy. The weakest markets
included Boston, the Inland Empire, Los Angeles, NY/Northern NJ, Orlando, Phoenix, and San Diego, and Washington DC.
• Home prices are flattening out: Home Prices were seen higher in August, though our Price Index dropped 5 points to 59
from 64 in July, a continuation of the recent trend lower and we think indicating a slower pace/more narrow breadth of
gains. This level is the weakest in our survey since last fall, and we think it is consistent with only low single-digit price
appreciation. Of the 40 markets we survey, 27 saw higher prices in August (32 in July), 6 saw flat prices (3 in July), and 7
saw lower prices (5 in July). Phoenix has seen declining prices for the past 9 months, while Washington DC has seen lower
prices for the past 3 months. Other markets with flat to down pricing included Chicago, New York, and San Diego.


Buyers Waiting For Better Deals as Slow Summer Rolls On – Monthly Survey of Real Estate Agents – August 2014


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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.


If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us. 


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Walter Unger CCIM

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7077 E. Marilyn Road, Bldg 4, Suite 130

Scottsdale, AZ 85254

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