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CATHERINE REAGOR REAL ESTATE
Slowing market showing positive signs, too
M
SUE DOERFLER
f you’re buying your first home, no doubt you want it all. Chances are, however, your budget doesn’t include a gourmet kitchen with commercial-style appliances, guest casita, four-car garage or custom finishes. A starter home is just that: a starting place. Such houses contain features you need, rather than those you desire. You’ll typically find two or three bedrooms, car-
THE REPUBLIC • AZCENTRAL.COM
What’s on the market This is the first in a three-part series on the popular features in the entry-level, midlevel and luxury markets. Next week: Mid-level market.
peting in living areas, tile flooring in bathrooms, a yard for the kids and a kitchen that might be smaller than you want but will do the job. Most entry-level buyers “have high expectations,� said Rex Schofield, associate broker with Realty Executives in Glendale. “To expect those things is one thing.� Finding them rarely happens. See STARTER, Page R3 ILLUSTRATION BY CHRISSY ASHACK/GANNETT/THINKSTOCK
etro Phoenix’s housing market continues to slow. Sales and prices dipped slightly in September, according to the Arizona Regional Multiple Listing Service’s latest Stat report. Âť Last month, 6,252 houses sold across the Valley. That’s down 3 percent from August and down 2.7 percent from September 2013. Âť The median home price dipped to $194,000 from $195,000 in September. The area’s median sales price is still up 5 percent from September 2013. Âť The forecast from ARMLS’ pending-sales index is for the median sales price to fall to $191,000 at the end of October. However, there are positive signs as well. Âť Houses are selling a little faster. The number of days it took for a house to sell fell in September to 84 days from 88 days in August. Âť Supply is falling with demand. The number of houses for sale dropped to 23,555 in September, compared with 24,220 in August. What’s particularly interesting is the median price of houses listed for sale during September was $224,800 compared with a median price of $215,000 in August. Could it be that prices will tick up a bit in November? “There were no surprises in September,â€? said real-estate analyst Tom Ruff of the Information Market, a division of ARMLS. “Home prices are stable, and anticipated declines in October can be attributed to modest downward pricing pressure as well as seasonal patterns.â€? Reach the reporter at catherine.reagor@ arizonarepublic.com. Follow her on Twitter @catherinereagor.
More at realestate.azcentral.com Each weekday afternoon, look for “Reagor on Real Estate� — the one bit of Arizona real-estate news you need to know today.
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