“Everything is okay in the end, if it’s not ok, then it’s not the end.”
Two new reports show inventories of Valley homes growing and sales volumes shrinking.
That includes the high-end home market in Scottsdale, Paradise Valley and Arcadia, according a new analysis by Walt Danley Realty.
There were 2,248 homes list for sale for $500,000 or more in July in the northeast Valley, according to Danley.
That is 27 percent higher than the 1,773 expensive home listings a year ago, according to the real estate firm.
Conversely, demand for homes is down.
There were 284 high-end homes sold in the northeast Valley last month. That is down 11 percent from the 319 sold a year ago.
A mid-year analysis by Long Realty says the retreat of post-foreclosure wave investors is slowing down sales volumes across the board in the Phoenix area. The high tide of foreclosures and short sales has ebbed prompting fewer bank sales and investors in the market hunting for bargains.
Home sales were down 17 percent in Phoenix during the first two quarters of 2014 versus the same time frame in 2013, according to Long.
The inventory of homes for sales in the Valley was up 54 percent at the end of the second quarter compared to 2013.
Long’s analysis shows there are 26 percent more homes for sale in the Valley for $800,000 or more than their were in 2013.
Beyond the exodus of investor sales, the local housing market continues to wrestle with limited population and job growth, tougher mortgage standards and a healthy contingent of younger buyers or foreclosures victims either unable or uninterested in home ownership.
Mike Sunnucks writes about politics, law, airlines, sports business and the economy.
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