2020 Arizona Real Estate Updates

[Jared Smith]

All, 

Arizona real estate continues to appreciate with the median purchase price +330k with mortgage rates sub 3% for 30-yr fixed primary residences. This year the conforming loans jumped from 484,350 to 510,400 and FHA loans are 331,760 here in AZ.

Inventory levels are still low and under 1 month supply for entry level homes under 330k. In East Mesa where I personally invest - properties are in multiple offer situations within 18 hours of being listed on the MLS!

Moratoriums on evictions have been extended until October 31st per Governor Doug Ducey.

1.186 Million Housing starts have been announced on multiple publications which is higher than the initial forecast. 

Although there will always be naysayers for Las Vegas, AZ and FL, I will continue to actively invest in AZ!

Jared