According to a study by Metro Phoenix Housing Market Data and Analysis and RL Brown Housing Reports, the Valley’s residential sector is not only surviving, but also thriving — with no sign of a bubble. “This is a solid-looking housing market… it’s the best it’s been in years,” said RL Brown, publisher of RL Brown Housing Reports. “This is the kind of housing market consumers should be looking for — be they buyers or be they sellers. This is a steady, stable, but growing housing market on the resale side and the new home sale side,” Brown said.
The report states the region saw the most home permits and closing it has seen in the past 10 years for October. New home sale prices were up 5.89 percent in October, accordign to the monthly report, with a median price of $332,186 on 1,651 sales for the month. Resale home prices were up 1.83 percent with a median price of $250,000 on 8,542 sales for October. Data in the report shows the housing market is experiencing a steady increase, whereas a bubble typically comes after a rapid spike in sales and prices.