Home Sales Fall Nationally, Remain Strong in North Phoenix

For 15 years, In&Out Magazine has been the definitive source of “Everything that’s going on” in and out of the community. We thank you, our readers, as well as the businesses that support the magazine through advertising, for that opportunity. But with little going on, and many businesses suspending or canceling their ads during the Covid-19 crisis, we are suspending publication of the magazine and web sites for the month of May. 


As existing home sales rose slightly in North Phoenix in November, volume declined across the country, most notably in the West.

Nationwide sales of existing homes — including single-family homes, townhomes, condominiums and co-ops — were down 7 percent in November from a year ago, according to the latest report from the National Association of Realtors. Sales fell 15.4 percent in the West.

Still, prices rose, on average. The median U.S. price was $257,700, up 4.2 percent from last November. Even in the West, prices rose 1.8 percent.

What’s Going On?

Prices have been pushed up nationwide for 81 straight months now, due in part to pent-up demand from Millennials and other first-time homebuyers, coupled with limited supply. Some 72 percent of Millennials (roughly age 23-40) say owning a home is a top priority in their lives, according to a recent analysis by Bank of America.

Inventory of existing homes nationally tightened slightly in November compared to October but increased compared to last November. Unsold inventory is now at a 3.9-month supply, based on the recent sales pace. Anything less than 6 months is considered a seller’s market.

Inventory locally is extremely low in Anthem Parkside and also very low from Tramonto through Sonoran Foothills and down to the Norterra area.

Goodbye Silicon Valley, Hello Silicon Desert

Much of the softening in the West is due to high prices in coastal cites from Seattle to the San Francisco Bay Area and Los Angeles.

“A marked shift is occurring in the West region, with much lower sales and very soft price growth,” said Lawrence Yun, NAR’s chief economist. “It is also the West region where consumers have expressed the weakest sentiment about home buying, largely due to lack of affordable housing inventory.”

The Phoenix Metro Area is, by contrast, much more affordable than western coastal cities. And with tech jobs booming, Phoenix the second-fastest growing major city in the country, and Maricopa County is the fastest growing county in the nation.

… And Hello NoPho

The growth in jobs and population hasn’t gone unnoticed north of the Loop 101, where major employers like Farmers Insurance and USAA are adding jobs (and USAA is even building a new neighborhood to help attract employees).

In NoPho, the I-17 corridor from Norterra to New River, the number of sales in November (130) was two more than last November, according to the latest analysis from North Phoenix News and In&Out Magazine, released earlier this month. See the full local picture here, with details on each zone here:

Many analysts expect the U.S. housing market to cool significantly in 2019. But a recent report from Trulia predicts Phoenix home sales will remain robust due to job growth and comparably affordable housing.


Help Save Our Community
Small businesses are the lifeblood of our country and even more so this community. Supporting local businesses during this crisis can help keep our community economically viable. Please strongly consider supporting the businesses below, In&Out Magazine's display advertisers, as well as those in the Classifieds section of the magazine (see the full April 9 issue in PDF form). Many of these businesses have been part of the fabric of this community for two decades, not just serving our professional, service and retail needs but stepping up to support local charities, sports teams and so much more. Tip: If you know you’ll need to schedule a service, consider contacting a local business you trust and paying the standard fee for the deferred service. The links below go to their web sites.

Adult & Pediatric Allergy Associates • 602-242-4592
Anthem Senior Living • 602-909-9550
Appliance Pros • 502-501-5501
Business Network of Anthem • 623-455-9630
Carroll Law Firm • 623-551-9366
Century 21 Real Estate - Jeff Huff • 623-223-1221
Creative Home Enhancements • 623-551-5409
Daisy Dream Homes Real Estate • 623-879-3277
Daisy Mountain Dentistry • 623-551-5250
Desert Foothills Air Conditioning • 480-595-0938
Edward Jones • 623-551-0523
Element Dental Centers • 623-551-5555
Hand & Stone Massage • 623-551-6602
Kendallwood Design • 602-252-3844
Kodiak Roofing • 602-501-7717
Luv My PC • 480-703-6609
Merrill Gardens • 623-201-4881
North Valley Water Solutions • 623-551-0515
Preferred Business of Anthem • 623-551-0523 
Prickett Realty • 623-551-8111
ProSkill Services • 623-551-7473
RE/MAX Professionals - Mike Higgins • 623-640-7502
Rise Above Remodeling • 623-551-2013
Soft Water Plus • 623-551-7383
SonoranScapes Landscaping • 602-842-9948
State Farm Insurance - Justin Simons • 623-551-3700
Storage at Anthem • 623-226-8634
Sunset Cabinets • 623-687-6579
Thompson & McGinnis Attorneys at Law • 602-952-2666
Titan Tree Care • 623-444-8448
Titan Pest Control • 623-879-8700
Wyman Plumbing & Mechanical • 623-551-6688

For more local businesses, see In&Out Magazine Classifed Ads >>>  
 
Robert Roy Britt
NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.
Robert Roy Britt on Email

Robert Roy Britt

NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.

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