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AFFORDABLE IN THE CITY Higher pay, lower rates boost ownership JIM SALTER ASSOCIATED PRESS
ST. LOUIS - Until recently, Christina Brouk was living with her parents. Now, still in her early 20s, she’s living the American dream of home ownership — the same dream that’s grown elusive for many young adults since the housing bubble peaked 10 years ago. Homes in many areas of the United States have become so costly that few but high earners can afford them. Rising rents have made it hard to save enough to buy. Cities that offer plentiful jobs for educated young adults — New York, Boston, San Francisco, Seattle, Washington — have become prohibitively expensive home markets. Then there are the exceptions. See CITIES, Page 3R
THINKSTOCK AND ALEX GREGORY/GANNETT
CATHERINE REAGOR REAL ESTATE
June busting out all over with new Valley homes Hammers were pounding on new metro Phoenix homes in June at the headiest pace since the end of housing boom. Builders started 1,939 homes across the Valley during the first month of summer, according to the latest data from RL Brown Reports. That pace of building is up 15 percent from June 2015. And it was the strongest month for new home permits since August 2007, when Phoenix’s homebuilding
boom had just begun to sink with the economy. Housing analysts and publishers of the report, RL Brown and Greg Burger, say new-home sales and construction are climbing in the Valley even as builders are dealing with labor and material shortages. Metro Phoenix’s new-home market has other things going for it, including: » A shortage of resale homes priced
below $350,000. » The lowest mortgage rates in several years, thanks to Brexit. The average 30year rate is hovering around 3.5 percent. » And the spread between new-home and existing-home prices is tighter than normal. The median price of a new Valley home is about $90,000 more than a resale. Pre-boom, the difference was more than $100,000. But Brown said that even though met-
ro Phoenix’s housing market is well into a recovery, it may not feel that way for some homebuilders. About 17,000 houses likely will be built Valleywide this year, a significant increase from 12,000 last year and 10,000 in See REAGOR, Page 3R
FIND A NEW MONTHLY SECTION IN TODAY'S ARIZONA REPUBLIC! Find the hottest properties, latest trends and best values the second Sunday each month. SCOTTSDALE | 6115 East Phelps Road | Open Today 1–4PM
STEEPLECHASE REMODEL. Like new, this light-filled plan MLS# - 5476294 boasts big entertaining spaces. Beautiful new wood-look floors, Bedrooms - 4 high ceilings, plantation shutters, dual pane windows, newer AC Bathrooms - 3 units and more. Spacious island kitchen with handsome Oak Pool - Yes cabinetry, Corian counters, new tile and desk. Sunny bay breakfast nook. Formal dining room with chandelier. Fireplace and custom Sq. Ft. - 2,826 built-ins in the family room. Double-doors reveal the huge sitting Parking - 3-Car Garage room master with walk-in closet. Large laundry. Don’t miss the Lot Size - 8,690 sq. ft. total custom garden yard! Striking Maui island silk grass, Pergola, ZIP Code - 85254 pool, newer Kool Deck, garden bed and an array of citrus. Three car epoxy garage with cabinetry. In the the Magic 85254 Zip Code. Online Pics - ThoseCallaways.com – Joseph Callaway Price - $549,900
Brought to you by Those Callaways, (480) 596-5751
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SCOTTSDALE | 8166 East Questa Road | Open Today 1–5PM
5-BED/3-BATH MAIN HOUSE; 2-BED/2-BATH GUEST MLS# - 5399740 HOUSE. Nestled on an acre-plus north/south lot in a quiet Bedrooms - 7 (Main 5; Guest 2) neighborhood, this quality custom home features generous formal spaces boasting wonderful beamed and coffered ceilings. Living Bathrooms - 5 (Main 3; Guest 2) Pool - Yes room w/soaring beamed-vaulted ceiling, wood-trimmed French exits. Updated eat-in kitchen w/views to rear yard. Den/game room Sq. Ft. - 5,509 w/sit-at bar. Dramatic master bath opens to fireplaced sitting area. ZIP Code - 85255 Pristine desert landscaping, lush green lawns, huge patios, side-byside barbecue island and kiva fireplace, covered ramada, waterfall. Online Pics - BaldwinTeam.com Price - $975,000 Large lounge/sun-decks around pretty pool, spa. Bonus/exercise room can also be RV garage. Close to numerous amenities. Visit tourfactory.com/1506661. Inside: details, directions.
Brought to you by Sandra Baldwin, Launch Real Estate
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