According to the R.L. Brown "Monday Morning Report", the average sold price per sq ft that closed in March of '13 is up 9.91% over last year coming in at $121.74 a sq ft. Size of home increased as well by 8.14% to 2484 sq ft.
And from Stuart Crawford at V.I.P. Mortgage:
"Last week was rough for the stock markets, but the mortgage markets were very quiet with very little change.
The economic news released last week showed that inflation levels remain low, and low inflation is always good news for mortgage rates. Remember, one of the instruments the Fed has used to keep rates low is the re-purchase of mortgage-backed securities (MBS). The Fed has announced that this program will be scaled back or concluded if inflation rises too rapidly.
The economic growth rate in the U.S. is also very favorable for mortgage rates right now. Most signs point to steady growth at a modest rate this year. The Fed's Beige Book, released last week, reported moderate economic growth in most regions through early April. Modest economic growth with low inflation is the sweet spot for mortgage rates."
Stuart can be reached at 602.710.8975
And from Elliot D. Pollack and Company 'Monday Morning Quarterback':
"Arizona Employment gains in Arizona were up 1.9% from March 2012. Eight of the eleven major employment sectors were up, one was flat and two reported job losses over February 2013. Only government and information sectors were down. The leaders were leisure and hospitality, professional and business services, construction and trade, transportation & utilities.
For the first three months of the year, Arizona ranked 13th out of 50 states in percentage growth. Greater Phoenix did better with 2.4% growth over a year ago. Greater Tucson saw employment grow by 0.8% over a year ago. Fortunately, both had unemployment rates in the sub 7% range (6.7% for Greater Phoenix and 6.8% for Greater Tucson). In other employment related news, total claims for Arizona unemployment insurance were up slightly over the week ending April 13, but, were still down 40.7% from a year ago.
According to R.L. Brown, new and existing home sales markets continued to generate good news. While resales were down, resale prices were up (5.1% for March over February and 31.0% over a year ago). This will help more underwater home owners get above water and will help those who have equity to have more breathing room. New single family permits in March were up 21.4% over a year ago and for the first three months of the year, were up 27.0%. New home prices were strong-up 2.8% for the month and 20.3% over a year ago to $264,578. Resale prices were $165,000.
Arizona retail sales in February were up 3.8% over a year ago. This follows a 10.2% gain in January. For Maricopa County, retail sales were up 2.2% and 11.7% respectively."
Tags:aviano,desert ridge,phoenix,real estate,villages at aviano,fireside,Arizona,short sale,foreclosure,fireside at desert ridge,Toll Brothers,pulte,bella monte,north phoenix. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Charts courtesy of The Cromford Report and Michael Orr.