The FHA loan limit max is stabilized in the mid 290K’s while the Arizona local market still shows a median home value price in the 240K range. The below spread sheet that shows just how strong the median price range is in the Phx metropolitan area. The $200K-240K price range makes up nearly 25% of total homes sold and/or currently pending in the AZ market which is a very considerable amount, considering the range of $50K. That partnered with fact that the negative numbers taper off almost perfectly in the lower values as it rises towards the median price range. The numbers also reflect the growth and stability economically as every price point above the 180K mark shows positive growth.
Phoenix area’s current absorption rate sits at approximately 2.5 months which is nothing short of an incredible number. That partnered with the rumors that several large Fortune 500 companies have plans to move into the Valley 2019 looks to be a great year for our market.
