Once the poster child for the housing crash, Phoenix is a hot market again. This time, however, it is not investors inhaling distressed properties, but owner-occupant buyers fueling robust sales.
Single-family home sales rose 1 percent in May over April and 7 percent over May 2014, according to Arizona State University's Center for Real Estate Theory and Practice at the W. P. Carey School of Business.
Townhouse and condominium sales dropped 5 percent in May from April, but were up 11 percent from May 2014. Active listings dropped 7 percent compared to April. On June 1 there were 21 percent fewer listings than June 2014.
"In the past two months the number of building permits issued in the $200,000 to $500,000 range has increased," said Michael Orr, director of the Center for Real Estate Theory and Practice and author of the monthly Greater Phoenix Housing Market. "But buyers will still face competition for homes at the affordable end of the market. At the luxury level, where supply is still adequate, the number of homes for sale is expected to fall by the end of the second quarter."