Summer doldrums in the Phoenix real estate market

Historically, summer in Phoenix has been a sluggish season for the real estate market, and July 2012 has been no exception. Michael Orr, director of the Center for real Estate Theory and Practice at the W. P. Carey School of Business, reports that single family house prices dipped compared to last July, but, paradoxically, so did supply. This market continues to be a complicates set of moving pieces, although the trend is for improvement. How long till it reches “normal”? The answer continues to be “quite a while.”

Historically, summer in Phoenix has been a sluggish season for the real estate market, and July 2012 has been no exception. Michael Orr, director of the Center for real Estate Theory and Practice at the W. P. Carey School of Business, reports that single family house prices dipped compared to last July, but, paradoxically, so did supply. This market continues to be a complicates set of moving pieces, although the trend is for improvement. How long till it reches “normal”? The answer continues to be “quite a while.” Housing Reports [podcast]