Arizona Real Estate Market

The Phoenix real estate market has seen prices rise at a dramatic pace over the past year, but what’s next? Mike Orr, director of the of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, says the market is in a very interesting phase right now, and it’s not so easy to say what will happen in the next few months. Here he is, discussing the November numbers.

With prices on the rise and population growing faster than other places, Phoenix is once again looking good to homebuilders. That means land is very desirable — especially lots ready for development. In this podcast, Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, talks about the growing demand for land as home building comes back to life.

The end of summer brought few surprises in the Phoenix real estate market. Prices were down, as expected, but compared to spring it was a much less frenetic market. Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, reports that supply continues to be tight, except in fringe areas, where listings are growing. Investors are active as well. Orr expects to see more action in the next couple months – again, an expression of seasonality.

Real Estate Roundtable: In part two, Mark Stapp, director of the Master of Real Estate Development program, and Jonathan Koppell, dean of ASU’s College of Public Programs discuss the debate over the advisability of writing down underwater mortgages, the role of Ed DeMarco, head of the Federal Housing Finance Agency, and the future of federal subsidies for home ownership.

Historically, summer in Phoenix has been a sluggish season for the real estate market, and July 2012 has been no exception. Michael Orr, director of the Center for real Estate Theory and Practice at the W. P. Carey School of Business, reports that single family house prices dipped compared to last July, but, paradoxically, so did supply. This market continues to be a complicates set of moving pieces, although the trend is for improvement. How long till it reches “normal”? The answer continues to be “quite a while.”