The Valley’s housing market is likely in for a quiet year, according to at least one expert.
Mike Orr with the WP Carey School of Business at ASU says conditions are normal, but slow. He says there aren’t as many buyers as usual — and that a lot of potential buyers are currently renting, and likely to keep renting for at least another year and a half.
Orr says March home prices recovered from two months of drops, and stand where they did in December.
"There really hasn’t been a lot of really significant trend over the last several months," Orr said. "And that’s really, I think, going to be the story this year, that prices, having bounced dramatically from 2011 through 2013, are now going to be pretty stable this year."
Orr says the next time the market is likely to see significant price movement is when there’s much stronger demand — his best guess is that won’t happen until next spring, but he says that’s largely in the hands of lenders.
