Here’s your November 2015 real estate market report for the entire Phoenix market. You’ll find the number similar to the last few months with one exception which is the number of closed homes. With all the changes to the Federal Regulations for mortgages there has been a lag in lenders figuring it out and there have been many delays in closings. Our expectation is this will clean out this month or perhaps in January and hopefully things get back to a 30-40 day closing.
The wild card in our future market numbers is now the changes to the prime interest rates and what that will do to buyers sitting on the fence. It seemed like they were OK with watching the price go up but when you add in increased interest rates 2016 might just be the year we break out of the market we’ve been in. Could it return to fast sales, quickly increasing prices and multiple offers? Nobody can really say but time will tell
Would you like to read the entire report? You can download it by clicking this link – November stats-2015