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
NAR Real Estate Forecast Summit: Consensus Forecast
on December 11, 2019 at 3:12 pm
Fourteen economic and housing market experts were asked to give their housing market forecast for 2020 and 2021.
Infographic: Top 10 Outperforming Markets
on December 11, 2019 at 3:50 am
Metro areas NAR expects home price appreciation to outpace in the next 3 to 5 years.
Top Ten Outperforming Metro Markets Report
on December 10, 2019 at 10:37 pm
The National Association of REALTORS® identified the top metro areas for the next 3-5 years based on domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among other variables.
Expect Continued Economic Growth, Slower Real Estate Price Gains and Small Chance for Recession in 2020, According to Group of Top Economists
on December 9, 2019 at 9:32 pm
A group of top economists arrived at a consensus 2020 economic and real estate forecast at the National Association of Realtors®’ first-ever Real Estate Forecast Summit on December 11, 2019.