This month’s residential real estate report calls for more of the same, but with early signs of market moderation. Residential inventory is still very tight, especially for homes under $200K.  Over the past 3 weeks, active for-sale inventory under $200K fell 18% (down a total of 44% from last year).  Homeowners are still benefiting from healthy home appreciation and low interest rates.  Interest rates are rising slowly and are currently near their highest level in the last 7 years.

 

We are still in a Sellers-Market.

 

Though under the covers, there are signs of market moderation. Home appreciation has slowed (not yet a large sample size), interest rates have plateaued (and actually fallen slightly over that past few weeks), and we are entering the 2nd half of the calendar year where traditionally there are fewer buyers out shopping (decreased demand).  This seasonal decrease happens every year and should help moderate the low inventory.

Over the next weeks and months UBG will continue to monitor interest rates, housing numbers and general economic conditions in order to help guide your buying and selling decisions, your best resource is your personal real estate professional.  If you are thinking of buying, selling or investing, a REALTOR® is your best source of information, tailored to your specific needs and situation.

data source: armls

More on the Market

Phoenix Real Estate Market Update October 2018

While still a seller’s market, available resale inventory in the greater Phoenix area continues to increase, and price appreciation has either paused or moderated. Inventory as of October 3 stands at 16,819 versus 18,161 for last year, down 7.4%, but up 3.7% from 16,222 last month.

September Mid-Month Market Update for the Greater Phoenix Area

As predicted, our real estate market prices for the 2nd half of the year have stayed true to historical norms; fewer buyers during the summer, increasing slightly in the fall.

September Market Update

The seller’s market of Phoenix is being driven by the ongoing short supply of inventory. The increasing inventory numbers have resulted in a larger number of seller price reductions

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