Fewer Homes for Sale on the Valley Market

January 19, 2012

The Valley’s housing market is once again becoming a good one for homesellers. From Phoenix, KJZZ’s Steve Goldstein reports.

STEVE GOLDSTEIN: Many potential homebuyers are still facing obstacles when it comes to getting approved for a loan.  But even for those who are able to purchase, the number of homes on the market in the Valley is decreasing. Mike Orr is the new head of the Real Estate Center at ASU's W.P. Carey School of Business.

MIKE ORR: With fewer distressed homes coming on to the market, other sellers are starting to feel a little more backbone holding out for the price they want.  And buyers are starting to find that they have to compete more and they don’t have as much choice, either.

STEVE GOLDSTEIN: The latest figures from the W.P. Carey School show that the amount of monthly foreclosures as a percentage of sales in the Phoenix area had dropped to 29 percent.  When 2011 started, that figure was 43 percent.

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