Scottsdale and Phoenix Metro Real Estate Updates – August 2018
Real Estate Statistics Released for Scottsdale and Phoenix Real Estate Markets
ARMLS (Arizona Regional Multiple Listing Service) releases two monthly reports that are released mid month for the previous month. These reports were released on Sept 18 2018.
- STAT – a market wide residential report released mid-month with data from the previous month. Hence this September report is for the August 2018 real estate statistics.
- Rent Check – monthly publication showcasing the Valley’s residential single family leasing market.
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- Median Sales Price – This means exactly half the homes are listed above this price and exactly half are listed below this price.
- Average Sales Price – The average sales price is arrived at by dividing the sales volume by the number of sales. The difficulty with this figure is that it is easily skewed by exorbitantly high or low prices. This is evidenced by the lowest single family sale in Phoenix for the month of August which was $195 – clearly a typo.
Takeaways From The Commentary
In spite of the negative national headlines, Phoenix Metro real estate market is faring better than the rest of the nation. Here are the real estate takeaway gems for August:
- Sales volume has increased year over year since January 2015.
- The decrease in sales is SEASONAL and happens every year.
- 2018 sales are 2.53% ahead of 2017.
News from NAR - National Association of Realtors
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Fewer People Receiving Unemployment Benefits; Nearly 4 Million Less Than the Previous Week
Nearly 21 million people received unemployment benefits in the week ending May 16; a decrease of 3.8 million from the previous week’s revised levels.
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Pending Home Sales Slump 21.8% in April
April’s decline in pending sales could be the lowest point, as NAR’s chief economist expects the market to bounce back soon.
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Forbearance Options for Homeowners
Due to the coronavirus pandemic, the job market and the economy have changed drastically. We are seeing record highs of filings for unemployment as well as many families are trying to figure out how to manage the financial wellness of their households.
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April 2020 Existing Home Sales
Housing market activity in April 2020 fell 17.8% from March 2020. April's sales of existing homes dropped 17.2% from April 2019.
