July 2014

If you would like to stay more informed about both local and national real estate issues, you can see articles as soon as they are published. Just visit our Facebook page: http://www.facebook.com/Ahwatukee.homes and click the “Like” button. Real estate news is posted daily, and will be automatically fed to your personal “News Feed”.

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We are sorry for the service outage of our real estate website, www.azKennedyGroup.com, in mid-June. We were the victims of a malicious Internet attack that made www.azKennedyGroup.com, realtor.com® and other Move, Inc. websites temporarily inaccessible. Fortunately, the websites were fully back up after only a few days. We apologize for any inconvenience this may have caused you, our clients.

Pretty good news for the local and national housing markets… It turns out that May saw big increases in sales for both new and existing homes. Existing homes surged 6.1% from April (the largest monthly gain since April 2010), while Sales of newly built, single-family homes rose 18.6% (34% in the West)—the highest rate since May 2008.

Locally home prices were up 6%. Although not as staggering as the 28% jump in May 2013, it was still significant. This more modest increase is actually good news, because such huge price increases we’ve seen over the past couple of years are simply not sustainable.

Meanwhile, mortgage rates remain quite low. The average 30-year rate currently is around 4%. If you are still sitting on the fence unsure if this is a “good time” to buy, just think about how much “more house” you can buy for when rates are low—rather than waiting until rates (and home prices) go up!

If you haven’t already done so, please take a moment to “Like” our Facebook page:

http://www.facebook.com/Ahwatukee.homes. Phoenix area real estate news is posted daily.

Please keep us in mind with all your Real Estate needs. Referrals are the lifeblood of our business and we are always looking for new buyers and sellers, so if you know of anyone planning to buy or sell a home, we would appreciate you pointing them our way!


In this edition:

  • New-Home Sales Skyrocket in May
  • Pending home sales surge 6.1% in May
  • Despite Rising Home Prices, Housing ‘Still Very Affordable’
  • Valley’s Modest Real Estate Gains Are Good News
  • Should I Rent My House if I Can’t Sell It?
  • ‘Boomerang’ homebuyers getting government boost
  • Mortgage Rates

New-Home Sales Skyrocket in May

Sales of newly built, single-family homes rose 18.6 percent to a seasonally adjusted annual rate of 504,000 units in May, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest rate since May 2008. Click here for complete article.


Pending home sales surge 6.1% in May

The spring recovery in home sales gained further ground in May. Signed contracts to buy existing homes surged 6.1 percent from April, as home prices began to ease slightly. Click here for complete article.


Despite Rising Home Prices, Housing ‘Still Very Affordable’

ProTeck Valuation Services released its May Home Value Forecast (HVF), which detailed affordability indexes for Houston and Miami. The report found that although home prices have been rising steadily, housing is still very affordable when considered on historical terms. Click here for complete article.


Valley’s Modest Real Estate Gains Are Good News

New statistics released Tuesday by the home data company RealtyTrac show home prices were up 13 percent nationally last month. In Phoenix and Arizona they were up, but at a considerably lower rate of 6 percent. That compares to 28 percent last May. Click here for complete article.


Should I Rent My House if I Can’t Sell It?

There has been a lot written about how buying a home is less expensive than renting one in most parts of the country. Rents are skyrocketing and homes are still at great prices. These two situations are also causing some sellers to consider renting their home instead of selling it. After all, a homeowner can get great rental income now and perhaps wait until house values increase even further before selling. Click here for complete article.


‘Boomerang’ homebuyers getting government boost

Since the housing crash began, some 7.2 million homes have been lost to foreclosure or short sale. Most of those former owners became renters and still are, but some are slowly, carefully moving back into homeownership. A new government program is making that happen faster than ever before. Click here for complete article.


Mortgage Rates

U.S. averages as of July 1, 2014:

  • 30 yr. fixed: 4.05%
  • 15 yr. fixed: 3.13%
  • 5/1 ARM: 3.72%
  • 30 yr. jumbo: 4.05%

View current rates