ASU Study: Phoenix housing prices slow down - DC News FOX 5 DC WTTG

ASU Study: Phoenix housing prices slow down

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It's been a trend for the last year, climbing house prices, but all that may be over for the Phoenix area. A study by Arizona State University says the market is now leveling off, demand is down, and price gains are slowing.

One area though realtors say is continuing to see a boom is downtown Phoenix.

"My business is booming... in the last two months I've seen more buyers and more sellers than I have in a long time a couple of years" said Bobbi Ryals a realtor in Phoenix.

Realtor Bobbi Ryals says buyers are no longer focused on flipping houses in the downtown market, these newest buyers want to live downtown.

"I particularly wanted a house where I could at night see the lights of the city like right in my backyard" said Jennifer Gadek who is trading in suburban life for a downtown gem.

"We really feel like this is a new chapter in our lives we've raised our kids in the suburbs, it's been fantastic... great school system, wonderful set of friends but we really felt like you know it's time to turn a new chapter" said Gadek.

A new chapter in an area experiencing it's own new developments.

"ASU downtown campus, all the new restaurants down here, this whole urban vibe has totally turned this area upside down from being a scrappy artsy fartsy area to something that's exciting and vibrant" said Ryals.

"It's such a great opportunity to see more creative people, experience more culture, and really have some fun" said Gadek.

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