Arizona Real Estate Market

The numbers are in for real estate activity in the Greater Phoenix area in November 2013, and they show that the cooling that began this summer continued through the first of December. Michael Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School and author of the monthly market report said that the median sales price for a single family home was unchanged between October and November.

The Phoenix real estate market, known in recent years for its volatility, is ending the year on a quiet note. According to Mike Orr, author of the W. P. Carey School’s monthly housing report, a trend that started in July continued through October, as supply increased primarily because of a drop in demand.

To many the Valley is synonymous with golf. Green fairways and upscale clubhouses lure homebuyers and vacationers to golf courses here —in the middle of the desert — but the state of the economy and a decline in play are threatening to turn many courses brown.

Is the economic recovery already over? Are we heading into another recession? Experts posed these questions to the crowd during a panel discussion about real estate finance hosted by the W. P. Carey School of Business and the ASU Real Estate Council.

Home prices in Phoenix started to rise from the summer doldrums in September and supply is also increasing, according to the latest Greater Phoenix Housing report from the W. P. Carey School’s Center for Real Estate Theory and Practice. But demand has slumped, says Michael Orr, author of the report. Softening consumer confidence is probably one of many reasons.