Valley's real estate market remains sluggishPosted: Updated:
It was supposed to be the year of the great housing market comeback, across the Valley.
But it hasn't exactly worked out that way.
Home sales activity is down 26 percent since last year, according to the WP Carey School of Business.
Angie Humphreys, of Cave Creek, is in the market for a new home, but finding one at the right price in the right neighborhood hasn't been easy.
"There hasn't been that much selection for what we are looking for," said Humphreys. "We are looking for a bigger house, and in the range we are looking at, there are not a lot of options."
Humphreys is one of many home buyers caught up in the Valley's sluggish housing market.
Real estate experts site a number of factors that are contributing to the slowdown.
Buyers are more selective - and with interest rates creeping up - the amount of houses someone can afford has gone down.
Homeowners are more reluctant to put their houses up for sale - with prices holding steady.
Many homeowners believe their home is worth more, so they don't want to sell it for less.
The median sales price of a Valley home is $195,000, the lowest its been since last August.
Real Estate agent Kelly Cook said that he doesn't expect the Valley housing market to come roaring back until the economy starts doing a little better.
"A lot of it depends on the job market and population growth," said Cook, with Keller Williams Realty. "We have the population growth, but with job market, it will take a little longer to get the housing market going in a positive direction like we saw in 2012 and 2013."
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