Phoenix real estate: Supply still low for first time home buyers

March 08, 2013

Supply in the Phoenix real estate market rose during January, but only slightly, according to Mike Orr, author of the monthly housing report from the W. P. Carey School of Business. The long-term shortage continues, with only about 50 percent of the active listings that we would expect to see in a normal market. Homebuilding is beginning to pick up, but for now, the first time buyer continues to face fierce competition for a small number of homes. The trend is for prices to continue to rise at a brisk pace across most sectors, despite the brief hiatus reported for January.