Phoenix housing market begins slow ‘return to normal’
Their mass purchases have made it more difficult for borrowers seeking mortgage financing, as they compete for a shrinking supply of properties. In Florida, lenders including JPMorgan and mortgage insurers this year removed many of the additional requirements that had helped to push the share of cash buyers above 45 percent in the second quarter, said Rob Nunziata, co-Chief Executive Officer of FBC Mortgage LLC. Florida Downpayments JPMorgan decreased the visit the site minimum downpayment on mortgages made in Florida for primary residences to 5 percent from 10 percent and down to 10 percent from 20 percent for second homes, according to Bonitatibus.
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Phoenix-area home prices have risen dramatically since hitting a low point in September 2011. From just last July to this July, the median single-family-home price rose 30.3 percent from $149,000 to $194,150. Realtors will note the average price per square foot went up 24.3 percent. Perhaps the most startling boost was in the median townhome/condo sales price, which shot up 50 percent from $82,000 to $123,000 as the low-end supply of townhomes dried up. The Greater Phoenix housing market has been dominated by supply constraints for the last two years, says the new reports author, Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P.
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