Inman

Real estate daily market update: November 15, 2017

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 We’ll add more market news briefs throughout the day. Check back to read the latest.

Most recent market news

Tuesday, November 14

Ten-X reports homes sales drop in Phoenix

Phoenix Homeownership Rate Falling (PRNewsfoto/Ten-X)

“The Phoenix housing market remains on a path toward recovery, even though both sales and homeownership rates dipped slightly in the second quarter,” said Ten-X Executive Vice President Rick Sharga. “Affordability may start to become an issue, since home prices continue to increase at a rate much higher than the U.S. average, and in many cases, it’s now less expensive for Phoenix residents to rent than to own a home.”

“At the moment, the Phoenix market remains affordable for most buyers thanks to the strong local economy,” Sharga said. “Moving forward, expected increases in new home construction should add to the inventory of homes for sale and help maintain housing affordability in the region.”

Corelogic Loan Performance Insights Report August 2017

News from earlier this week

Monday, November 13

Home prices boom 10 years after housing crisis: realtor.com

realtor.com

“Lending standards are critical to the health of the market,” said realtor.com Chief Economist Danielle Hale. “Unlike today, the boom’s under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity.”

realtor.com

“The healthy economy is creating more jobs and households, but not giving these people enough places to live,” Hale said. “Rapid price increases will not last forever. We expect a gradual tapering as buyers are priced out of the market — not a market correction, but an easing of demand and price growth as renting or adding roommates becomes a more affordable alternative.”

realtor.com

realtor.com

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