In the Desert Ridge area, what had once been a thriving area for home sales saw a significant drop in prices during the housing crisis of 2009. Many homeowners found themselves with mortgages that were underwater or in homes they were unable to afford. As the market has rebounded, Desert Ridge home sales have begun to return to pre-housing crisis pricing across the nation, home prices are up 12.4 percent for the year as of August 2013. In Arizona, the housing market has shown a more rapid recovery, but also faces the challenges of a lower inventory. Many analysts feel that the increase in pricing is a direct reflection of the limited inventory available.
CoreLogic, a real estate reporting company, has released numbers that show a 0.9 percent increase from August of 2013 from July of 2013. While these gains are promising overall, they also are half the increase seen in the months of June to July. There has been speculation that higher mortgage rates and slower end of summer buying have had a direct impact on the number of homes sold. In the Desert Ridge area, these numbers and facts are compounded by the lack of available inventory as well. With mortgage rates having risen a full point since May, some have speculated that higher rates could affect home sales. However, for Desert Ridge sellers, the limited amount of inventory has increased the amount of traffic that homes for sale see and decreased the time on market for homes.
Those looking to sell their home in this area are in a great position to receive a higher price and multiple offers on homes for sale. Regardless of higher rates, the Desert Ridge area is seeing a large amount of home buyer traffic and has placed sellers in a good position.