The East Valley and Phoenix markets are showing signs of a strong recovery following the economic decline several years ago. With Eastmark opening in Mesa, this offers a promising future for DMB’s newest development.
According to The East Valley Tribune, home values have gradually increased in a way that the W.P. Carey School of Business at Arizona State University reported is a steady improvement to avoid another market drop.
Director of the Center for Real Estate Theory and Practice at the Carey School Mike Orr reports that homes should continue to follow the slow increase in appreciation. Since last year, the median price for homes in the Greater Phoenix Metro Area increased nearly 30 percent.
This steady growth was especially evident in the interest that the Eastmark Grand Opening attracted on June 1. Despite the heat, more than 5,000 people attended the event with festivities for the whole family.
The East Valley Tribune reports that the reasons Orr cites for home price increases in the report vary, but are highlighted by the lack of available houses on the market. One reason for that trend is the relative dearth of new homes built over the last few years, limiting buyers’ options.
The Tribune also reported that another contributor to Orr’s projections is the type of sales being made at the moment, The number of new home sales increased during the April year-to-year stretch as the percentage of investor flips and short sales both decreased during the same time period. Orr expects the short sales and investor flips to continue to decrease in the coming months as well.
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