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Real Estate Arizona Republic
❚ SUNDAY, APRIL 5, 2020
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Housing analysts predict slowing, but no crash, in Valley Catherine Reagor Columnist Arizona Republic USA TODAY NETWORK
Metro Phoenix fares better in economic downturns not led by the real estate market, but that doesn’t mean the Valley’s housing market will be unscathed by the COVID-19 crisis. Listings have climbed 20% in the past few weeks, which could indicate that homeowners struggling fi nancially are hoping to get out from under mortgages or short-term rental owners who don’t have customers want to sell. The number of homes for sale is still 39% below the same time last year, said Arizona Housing expert Tina Tamboer of the Cromford Report. Veteran Arizona economist Elliott Pollack and others expect the Phoenix housing market, like pretty much every other sector, to hunker down for the coming months. “People aren’t moving now and that
means they aren’t buying homes,” Pollack said. “’Phoenix’s strong population growth was driving the housing market. That’s over until this crisis is over.”
Latest housing data and trends Preliminary reports show home sales and prices climbed in March, though both are lagging indicators because the deals were struck at least a month ago, before the coronavirus shutdowns began. Pending sales show the median home price could hit a record $301,000 for March, according to pending sales tracked by the Arizona Regional Multiple Listing Service. Other indicators of the market’s response to the pandemic include: ❚ Most ibuyers such as Opendoor that use technology to make instant offers on homes have stopped buying houses due to the uncertainty with the health and economic crisis. See REAGOR, Page 3H
MERRY ECCLES/USA TODAY NETWORK; GETTY IMAGES
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