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Market Update
March 2019

FROM MICHAEL ORR AT THE CROMFORD REPORT
THE PHOENIX AREA LEADING EXPERT ON REAL ESTATE ANALYSIS.


Price Reductions up 71% on Listings $200K-$250K
Sellers: Get Competitive, It's "Buyer Season"

For Buyers:

Good news for buyers over the past few weeks, interest rates came down a few notches. That combined with the increased loan limit for conventional financing gave buyers a little boost. The new loan limit for conventional financing in Maricopa County is $484,350 as of a few months ago and the new limit for FHA financing is $314,827. Just 3 years ago, the limits were $417,000 and $271,050 respectively. The FHA limit increase hasn't had as much impact on buyer demand as the conventional increase thus far. While the overall market is down 8.7% in sales this month, the biggest winner has been the $500K-$600K price range which is up 15%.

For Sellers:

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