The growth of Scottsdale home prices, both the quarter-over-quarter and year-over-year, are lower than they were 12 months ago, but wages are not keeping up. This word according to data released from Trulia for July 2014.
The month-over-month increase in asking Scottsdale home prices of 0.8% was in line with the average monthly gain over the past year, settling back down after a 1.2% month-over-month gain in June. The quarter-over-quarter increase of 2.5% remains below the level of last spring's price spurt, when the quarter-over-quarter increase was 3% or higher in March through June 2013.
Scottsdale Home Prices Continue Widespread Increases
Although Scottsdale home prices aren't rising as fast as they did in spring 2013, price increases continue to be widespread with overall year-over-year price gains, and quarter-over-quarter gains.
Nationwide, for the first time in more than two years, none of the 100 largest U.S. metros had a year-over-year price increase above 15%. The stagnation of wages and household income, though, shows that as Trulia states, incomes aren't keeping pace with even slowing price gains.
Why are home prices in some areas rising faster than others, and why are some actually falling? Because the housing market is still recovering from the bust, and local markets where prices had fallen most are now seeing larger price gains. That's the "rebound effect," which was fueled by investors and other home buyers scooping up relative bargains. Once those bargains are gone, there's no more room to rebound.
We're already seeing gains in Scottsdale home prices slow dramatically or even reverse slightly in some isolated locations.
Stay abreast of all the news affecting Scottsdale home prices right here at our website. More articles regarding Scottsdale housing can be found in the Scottsdale Real Estate section, or the Scottsdale Real Estate News section, both to your right under Scottsdale Real Estate Categories.
If you're currently selling a Scottsdale home, or just considering selling, one thing you need to remember: You don't get a second chance to make a good first impression. That's why you must watch your curb appeal, and make sure you kick it up a notch to stand out in the neighborhood drive-by.
Even if your budget is limited, there are still some things you can do to increase the perceived value of your home so potential buyers aren't turned off before they even get to see the inside of your Scottsdale home…
With so many economists and analysts trying to spell gloom and doom for the future of Scottsdale housing, Altos Research is saying otherwise.
Altos is saying that housing recovery critics are wrong about Scottsdale housing. According to Altos, it's going to soar in 2015.
"While we see signs of demand easing, we are significantly more bullish on housing than many of the recent headlines seem to suggest," said Altos CEO Michael Simonsen. "Based on our models, we're forecasting another year of home price appreciation, with a 7% home price increase for the year of 2015."
Some Experts Call for Scottsdale Housing Prices to Depreciate
Single-digit appreciation is a remarkable prediction. Many other experts anticipate depreciation in the Scottsdale housing market, so the Altos call is relatively noteworthy.
What's driving the negative stand most of the market holds? The report blames the media.
So what is the main driver for the Altos view that prices will rise 7%? Altos expects inventory to climb another 10%.
As inventory and transactions rise along with pricing, participants in the Scottsdale housing market stand to benefit broadly. In addition, the number of days on market remains low compared to before the housing bust, indicating a seller's market.
In a seller's market, sellers can list homes at a higher value, hoping a buyer takes the bait. If not, they can also bring down the price closer to market value, while appearing to offer a sales compromise to the buyer.
Altos estimates that approximately 35% of properties will take such a price cut. Altos sees this as an indicator of strong competition, despite weaker demand overall.
The Scottsdale housing market continues to require a more nuanced view of its future.
Home prices across the U.S. are poised for a fifth consecutive year of recovery. The market is still faced with low inventory and demand, buoyed by an expanding economy, which, among other factors, remains healthy. Both supply and demand conditions are moving from extreme bullish conditions to more sustainable healthy conditions.
Stay abreast of all the news affecting Scottsdale housing right here at our website. More articles regarding Scottsdale housing can be found in the Scottsdale Real Estate section, or the Scottsdale Real Estate News section, both to your right under Scottsdale Real Estate Categories.
The Scottsdale housing report for June from Case-Shiller and FHFA are out and show that both existing home sales and new home sales were down, even though prices were up. Inventory is also on the rise and that should continue to dampen price pressures for people looking to buy a home.
Rick Sharga, EVP at Auction.com talks about the latest housing numbers and what it means going forward…
Find more articles about buying Scottsdale housing under the Scottsdale Real Estate Categories to your right.