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Old 08-15-2015, 04:32 PM
 
Location: Phoenix, AZ
2,653 posts, read 3,045,998 times
Reputation: 2871

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This report is submitted each quarter. The latest one was just released today.

Unfortunately, Phoenix metro is not a stellar performer. Median home price for Phoenix is 218K. Compare that to the red hot real estate market in Denver, median home price is now 363K. Unbelievable!

Chicago is at a mediocre 230K.

Read the report yourself by googling "national association of realtors, median home prices, 2015, 2nd qtr.
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Old 08-15-2015, 04:37 PM
 
Location: Amongst the AZ Cactus
7,068 posts, read 6,467,054 times
Reputation: 7730
Don't forget when Phoenix/the metro had it's own "unbelievable" price appreciation days back in the mid 2000's. Such fast price appreciation often doesn't end well, as happened in the Phoenix metro. Give me slow, steady measured house appreciation any day over the boom/bust cycle.
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Old 08-15-2015, 04:44 PM
 
551 posts, read 693,211 times
Reputation: 1033
What Steve said - don't be fooled thinking suddenly strong prices is necessarily a good thing. Houses are meant to be an investment in terms that you don't lose money over a period of time, and they are not supposed to jump up very quickly. If that sort of thing happens, you can basically assume it is a bubble. Buyer beware.
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Old 08-15-2015, 04:50 PM
 
397 posts, read 602,487 times
Reputation: 393
Quote:
Originally Posted by DougStark View Post
This report is submitted each quarter. The latest one was just released today.

Unfortunately, Phoenix metro is not a stellar performer. Median home price for Phoenix is 218K. Compare that to the red hot real estate market in Denver, median home price is now 363K. Unbelievable!

Chicago is at a mediocre 230K.

Read the report yourself by googling "national association of realtors, median home prices, 2015, 2nd qtr.
Just wait until Denver begins to feel the effects of falling oil prices.

Besides why is the median for the region relevant? Is it really beneficial for a region to have a higher median home price? I'd suggest that a median of $218K for the metro area is actually good. That's probably affordable and sustainable for people here which benefits all of us, even those of us in parts of the Valley where there are no houses selling for $218K.

I'd suggest the same argument for Chicago. It's not "mediocre." It's actually healthy.
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Old 08-15-2015, 06:27 PM
 
Location: Rural Michigan
6,343 posts, read 14,683,204 times
Reputation: 10549
Quote:
Originally Posted by DougStark View Post
This report is submitted each quarter. The latest one was just released today.

Unfortunately, Phoenix metro is not a stellar performer. Median home price for Phoenix is 218K. Compare that to the red hot real estate market in Denver, median home price is now 363K. Unbelievable!

Chicago is at a mediocre 230K.

Read the report yourself by googling "national association of realtors, median home prices, 2015, 2nd qtr.
In 2009 it was $120k, I'd call that an OK "performance"..

Arizona real estate: Phoenix home prices down
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Old 08-15-2015, 07:00 PM
 
498 posts, read 543,376 times
Reputation: 883
Why would someone start a thread..quote a report ..and not link the report?
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Old 08-15-2015, 08:31 PM
 
Location: Phoenix, AZ
2,653 posts, read 3,045,998 times
Reputation: 2871
Quote:
Originally Posted by Wally Sconce View Post
Why would someone start a thread..quote a report ..and not link the report?
Oh, Wally, I thought you might be smart enough to google it yourself.

You may not take interest in Denver's skyrocketing real estate prices, but it's obvious Denver's doing something better than we are.

I seriously doubt that Denver's "bubble" will burst. That city's economy appears healthier to me than Phoenix's. I find it funny and amusing that Denver is now more expensive than Chicago. Chicago is going no where except bankruptcy and more white flight.
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Old 08-15-2015, 10:24 PM
 
Location: Amongst the AZ Cactus
7,068 posts, read 6,467,054 times
Reputation: 7730
Quote:
Originally Posted by DougStark View Post
Oh, Wally, I thought you might be smart enough to google it yourself.

You may not take interest in Denver's skyrocketing real estate prices, but it's obvious Denver's doing something better than we are.

I seriously doubt that Denver's "bubble" will burst. That city's economy appears healthier to me than Phoenix's. I find it funny and amusing that Denver is now more expensive than Chicago. Chicago is going no where except bankruptcy and more white flight.
Though what quality of jobs are driving all of this growth in Denver? Though the following document talks about growth in professional and business services, I did a quick check and saw this stat where most of the growth seems to be.:

http://www.avisonyoung.com/fileDownl...e%20Update.pdf

"Denver’s Mining, Logging, and Construction sector was the most active in the last 12 months ending ending in June, recording an increase employment of 11.1%."


Sounds to me like shades of Phoenix in the construction end of things and perhaps mining( in AZ as a whole maybe?) as employment drivers where most of the job growth is.
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Old 08-15-2015, 10:40 PM
 
Location: Phoenix, AZ
2,653 posts, read 3,045,998 times
Reputation: 2871
I don't think Denver's median home prices will fall, unlike what happened to Phoenix in the 2006 era. I think Denver has joined the ranks of coastal cities like Portland and Seattle, where median home prices continue to remain high.

Lots of Californians have moved to Denver with their loads of cash. Plus, the state has grown more and more liberal from years ago, which attracts well-heeled "intellectuals" and their money. It's not the same place I remember from the 70s. Kinda sad.
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Old 08-16-2015, 07:16 AM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 953,057 times
Reputation: 217
MARIJUANA is one the reasons there are many moving there.
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