Phoenix Market Update – December 2018 – Week 2
Phoenix Real Estate Market Update
December 2018 – Week 2
Negative news about the real estate market is becoming a common occurrence. Continue reading for insight into the Phoenix Metro real estate market and why our local market is different.The real estate outlook for 2019 is not as grim as the national media might imply.
New Listings – 3268
- 6% lower than 2017 (3478)
- Second lowest since 2014
Closed Listings – 2949
- Slightly higher than 2017 (2937)
Accepted Offers – 3340
- 7% lower than 2017 (3607)
At 6% the drop in new listings is not as severe as for the first week of December which was down 11%. However, it indicates we still see subdued flows of new supply in December, well below the average over the past 18 years.
Closings are running at a good pace, but new contracts are now down 7%, having been down 4% after the first week. Buyer enthusiasm is low partly because of higher cost of ownership, but also because there is a shortage of attractive inventory for them to choose from.
- In 2018, home loan delinquencies are at an extremely low level while home equity is at a high level.
- Consequently, the fall in demand is merely causing sales rates to drop and allowing buyers a little more negotiation.
- Keep in mind that Phoenix is the second fastest growing city in the nation. Buckeye comes in third.
- Also, Phoenix Metro Area has not had astronomical home price increases like many coastal cities.
News from NAR - National Association of Realtors
Inventory and Months' Supply
Inventory levels and months' supply are measures of housing supply. Here is a quick look at both of these terms.
December 2020 Existing Home Sales Annual Pace Rises to 6.76 Million
Existing-home sales data shows that housing market activity this December rose modestly 0.7% from November 2020.
Fewer Americans Applied for Jobless Aid Last Week
Fewer Americans filed a new unemployment claim last week, with the number of unadjusted initial claims falling to 960,668, a decrease of 151,303 claims from the prior week.
Existing-Home Sales Rise 0.7% in December, Annual Sales See Highest Level Since 2006
Existing-home sales rose in December, with home sales in 2020 reaching their highest level since 2006.