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Wednesday, May 14, 2014

Housing Market: Pockets Of Hot And Cooling

A home is seen for sale on February 25, 2014, in Miami, Florida. (Joe Raedle/Getty Images)

A Realtor in Arizona says Phoenix’s market has slowed to the point there’s a five-month backlog, while a north Texas Realtor says houses are being snapped up fast in some Dallas suburbs. (Joe Raedle/Getty Images)

This week the National Association of Realtors reported that the median price for a home is $191,600, up nearly 9 percent from last year, and a buyer purchasing a similarly-priced home with a 5 percent down payment would need an income of $44,200 to land a mortgage.

Here & Now’s Jeremy Hobson checks in with two Realtors: Randy Courtney in Arizona and Anthony Graham in north Texas.

Courtney says Phoenix’s hot market last year has slowed to the point where there is now a five-month backlog of homes for sale, and more people are deciding to rent because prices are so high.

Graham says the housing market is “the hottest we’ve ever seen,” with only a one-month supply of homes in some Dallas suburbs where Realtors “can’t keep things on the market” because they’re being snapped up so fast.

Guests

  • Randy Courtney, founder of Courtney Valleywide Properties in the metro Phoenix area, Arizona.
  • Anthony Graham, Realtor with Re/Max Town & Country in the Dallas-Fort Worth area.

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Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

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