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.

<img src=/wp-content/uploads//sold-sign.jpeg alt=”sold house sign”.

Keep in mind these two definitions while reading these statistical reports.

 

  1. Median Sales Price – This means exactly half the homes are listed above this price and exactly half are listed below this price.
  2. Average Sales PriceThe 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.

STAT Commentary – Phoenix Metro Real Estate Market – August 20182018-august-stat-commentary

STAT Report – Phoenix Metro Real Estate Market – August 20182018-august-stat-with-commentary

Rent Check – Phoenix Metro Real Estate Market – August 20182018-august-rent-check

News from NAR - National Association of Realtors

  • REALTORS® Confidence Index Survey: July 2019 Highlights
    on August 23, 2019 at 7:10 pm

    Eighty percent of respondents reported that home prices remained constant or rose in July 2019 compared to levels one year ago (86 percent in July 2018).

  • July 2019 Existing-Home Sales
    on August 22, 2019 at 7:30 pm

    Housing market activity this July rose 2.5% from June 2019, and the existing-home sales rate reached a seasonally adjusted annual rate of 5.42 million.

  • Homeownership and the American Economy
    on August 22, 2019 at 3:26 pm

    The U.S. Black homeownership rate today is lower than it was in 1968 when the Fair Housing Act, part of the landmark Civil Rights Act, was signed into law.

  • Existing-Home Sales Climb 2.5% in July
    on August 21, 2019 at 12:45 pm

    Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month.