A couple weeks ago, I wrote about how it’s time to see if the local and national market can sink or swim without the tax credit. The results are not too promising, at least in the preliminary stages here in the Casa Grande area.
The trend line on this 6 month graph shows a sure downward drift in the number of properties that have gone under contract each week – signifying that the tax credit was spurring a lot of last minute purchasers.
Interestingly enough, this spur of last minute home buying also spurred an increase in our median price evidenced in the graph below.
The longer lasting effects of the expiration of the first time home-buyer tax credit are still lurking in the shadows. With the summer heat quickly approaching, it could be a long one for the local real estate market.