People in metro Phoenix are more confident about the area’s housing market than people living in most other parts of the U.S.
A new index tracking how residents of the country’s largest metro areas feel about buying or owning a home has been produced by real estate research firm and brokerage Zillow.
The Valley’s overall housing confidence index is 66.7 percent, higher than the national figure of 63.7 percent, according to the first Zillow Housing Confidence Index. More than 300,000 people nationwide were polled for the inaugural index.
The survey also found 15 percent of current renters in metro Phoenix want to buy a home within the next year. That’s higher than the national average of 10 percent.
“For the housing market to continue its recovery, it is critical that homes are both available and remain affordable to meet the strong demand these survey results are predicting, particularly from first-time homebuyers,” said Stan Humphries, Zillow chief economist. “Even after a wrenching housing recession, this data shows that the dream of homeownership remains very much alive and well, even in those areas that were hardest hit.”
The number of houses for sale in metro Phoenix climbed 30 percent in the last year, and that is giving more people a chance to buy instead of rent, according to Zillow.
However, Arizona housing analysts say sales are down as inventory climbs because there aren’t enough buyers in the market now.
Seattle-based Zillow reports there are 4 million people across the nation who want to buy their first house this year. The survey found renters in Miami, Atlanta and Las Vegas expressed the greatest desire to become homeowners.
New York has the fewest renters who want to buy a home, about 4 percent, according to the Index, done in partnership with the Massachusetts-based research firm Pulsenomics LLC.
The Housing Confidence Index is measured on a 0 to 100 scale, with readings above 50 indicating positive sentiment. The margin of sampling error is about 4.4 percent.
Catherine Reagor, The Republic | azcentral.com