AZ Real Estate 11-16-14

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AZ Real Estate REACH US

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CATHERINE REAGOR REAL ESTATE

THE PAPER TRAIL

Phoenix housing market in a downshift

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eptember’s dip in home prices is only one indicator of what’s going on with metro Phoenix’s housing market. Data released last week from Arizona State University’s W.P. Carey School of Business shows the Valley’s median homesales price fell to $209,900 after hitting a 2014 high of $213,500 in August. “Demand is stuck in low gear. It appears sellers are no more enthusiastic than buyers about entering today’s housing market,â€? said Mike Orr, W.P. Carey’s director of real estate and theory. “The market has been in this state for 14 months.â€? Phoenix-area home sales during September were down 2.9 percent from August. Here’s a closer look at the data, from Orr’s in-depth monthly report: Âť Overall, home sales are down 7 percent from September 2013. But regular resales, the type of deals that show the housing market has stabilized, are up 8 percent from a year ago. Âť The number of foreclosure and short-sale houses sold is down 55 percent from September 2013. Âť Investor homebuying is stable. About 14.4 percent of all houses sold in September and August were purchased by investors. Âť The number of out-of-state buyers is declining. In September, 15.3 percent of the region’s sales were to buyers living outside Arizona. That compares with 16.4 percent in August and 16.4 percent in September 2013. Âť The Valley’s median home-sales price is up 5 percent from September 2013, when it was $198,997. Âť The average price-per-squarefoot of houses sold in September is $129.85, up 7 percent from $114.93 a year ago.

Canadians in the U.S. face more in-depth process to secure mortgage SUE DOERFLER

THE REPUBLIC • AZCENTRAL.COM

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ost of us, when buying a home, spend weeks discussing the features, location and number of bedrooms we want. Chris and Michele Legere spent weeks putting together paperwork.

At realestate.azcentral.com

See CANADIANS, Page R3 THINKSTOCK

SPECIAL FEATURE: Each weekday afternoon, look for “Reagor on Real Estate� — the one bit of Arizona real-estate news you need to know for the day.

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