Anaylsts Expect Phoenix Home Prices to Rise in March

The Arizona Republic is reporting that local housing analysts are expecting the valley home prices to rise in March. Phoenix area home sales climbed 9 percent during February. This is giving prices a little boost upward. Tom Ruff, who is a housing analyst with the Information Market said he was “starting to see a bottom forming” for the market.

“Sales volumes are up year over year,” he said. “New (foreclosure) notices are declining. Pending active (foreclosure) notices are declining. Higher prices are being paid by investors (for homes) at auction. Large hedge funds are taking a close look at our market and are prepared to hit the ground running.”

We are seeing more and more positive indicators in the Phoenix housing market. The Scottsdale market usually follows the patterns established in the Phoenix market.