Nationwide home values went up 11.7%, now what?

Nationwide home values went up 11.7% in the first 3 quarters of 2013, then dropped 0.3%  in the 4th quarter.  In January, nationwide home sales fell to an 18 month low.  Experts believe the high gains of last year may be over and values will go up slowly from here and for a while.  The good news in all this?  We know what happens when values go up too fast.  Hopefully the market will remain stable for a while. 

Plaza Residences have 5 condos currently for sale.

The Plaza Residences in Scottsdale currently have 5 condos on the market ranging in price from the low $200's to the low $300's.  These 2 and 3 bedroom Scottsdale Condos have upgrades from hardwood floors to granite counter tops. And community amenities including, garages for select units, business center and a theater room.

Metro Phoenix home values still going up, but slower.

Metro Phoenix home values went up 18% on average over the last year.  They are expected to up another 4% this year and just under 3% in 2015.  This is not unlike what happened in the 90's after the recession of the late 80's.  Home values went up very slow then too. 

Interest rates going down, Heading toward 4%

Interest rates going down, Heading toward 4%

Phoenix is one of the top 10 cities people are moving to in the US.

Phoenix is one of the top 10 cities people are moving to in the US.  With all the sunshine, jobs and affordable homes for the working and middle class, Metro Phoenix continues to be a favorite place to live.

Other desirable cities are Huston, Chicago, Orlando, Dallas, Seattle, Tampa, Atlanta and Las Vegas. 

Metro Phoenix Housing recovery better for resale than new construction homes.

RL Brown reported last week the local housing market has recovered with resale home sales improving more than new construction.  The combined number is closer to historical trends.

Nationwide home prices went down from Nov 2013 to Dec 2013.

CHRISTOPHER S. RUGABER
AP Economics Writer

U.S. home prices slipped from November to December, and the year-over-year increase slowed, likely a result of weaker sales at the end of last year.

Real estate data provider CoreLogic says prices dipped 0.1 percent in December. It was the third straight month-to-month drop. Home prices had risen for eight straight months through September.
For all of 2013, prices rose a healthy 11 percent. That was roughly equal to the 11.4 percent price increase for the 12 months that ended in November.

More Homes for sale in the Phoenix market

There are 40% more homes for sale in the Metro Phoenix market making it a better market for Buyer's than last year.  With interest rates still very low, Buyer's are coming back and still getting good deals.  Home values have increased in the last 18 months but prices have leveled out and don't appear to be going up very fast.