Rachel Martin reports live from Birmingham with results and reaction to the closely watched Alabama Senate Race.
Optimistic outlook for 2013 real estate market
Analysts say the Valley’s housing market has turned around. Earlier this week, the Standard and Poor’s/Case-Shiller Index showed Phoenix home prices had risen faster than any of the other nineteen cities the index tracks.
STEVE GOLDSTEIN: Across the country, home prices are expected to hit their first annual gain since 2006. In Phoenix, prices are up by nearly twenty-two percent in the past twelve months. Michelle Lind, newly-appointed CEO of the Arizona Association of Realtors, says she’s expecting 2013 to continue that upward trend.
MICHELLE LIND: We really have a lot of positive indicators. In the Phoenix metropolitan area, the median sales price is up. We still have interest rates at all-time lows. We have more building permits being pulled, so I think there’s a lot of optimism for 2013.
GOLDSTEIN: Lind says buying a home is the largest financial transaction most people will ever have, but she says it’s vital for homeowners to view the property as more than just an investment.
LIND: And I think that in years past, people valued their home for more personal and emotional reasons. I think actually the change came when people started looking at their home as that investment, as that bank account. And I really think we’re going to get to more considering our home as the place we live and raise our families.
GOLDSTEIN: Even as average home prices in the Phoenix area are on the rise, this week’s Standard and Poor’s/Case-Shiller Index says those prices are still more than forty percent below peak levels. Steve Goldstein, KJZZ News, Phoenix.