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Confidence in Phoenix housing market fell in 2014

It was a relatively slow year in real estate this year.  I have been saying it all year.  Now the press is saying it– Confidence in Phoenix housing market fell in 2014.  Beware of some stats… home building fell in August….well the weather may have something to do with that.  Things traditionally slow down in August in the Phoenix area…..114 degrees will do that. Read on.

Consumer confidence in metro Phoenix’s housing market dropped over the summer as sales and price increases sagged.

The Zillow Housing Confidence Index for the Valley is now at 64.2, compared with 66.7 in January, according to a report released Tuesday.

Nationally, the housing confidence index is 64.2, up from 63.7 at the beginning of the year.

Of the 20 largest U.S. metros, consumer confidence for San Francisco’s housing market is the highest at 68.2. Chicago ranks the lowest at 60. Phoenix ranked 13th.

Homeowners are more optimistic than renters about Phoenix’s housing market. Homeowners polled gave the area a 66.6 rating. The index score among renters was 59.6.

During July, Valley home sales fell 4.5 percent from June and 18 percent from July 2013. The Valley’s median sales price was $210,000 in July 2014, down $1,000 from the previous month.

In August, home building across the Phoenix area fell to the slowest pace in more than a year.

The index is compiled from 10,000 surveys. The margin of error for the survey is plus or minus 1.2 to 2 percent.

The indices for metro areas are measured on a scale of 0-100, with readings above 50 representing generally positive sentiment, and readings below 50 indicating negative sentiment, Zillow said.

Catherine Reagor, The Republic |