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.
- 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
- Instant Reaction: Mortgage Rates, January 27, 2022
Mortgage rates didn’t change much this week after moving upwards for the last 5 straight weeks. The 30-year fixed mortgage rate fell to 3.55% from 3.56% the previous week.
- Instant Reaction: Economy Expands at Stronger Pace of 6.9% in Fourth Quarter of 2021
The economy (gross domestic production) expanded at a stronger annualized pace of 6.9% in the fourth quarter. Today's GDP number is a crucial indicator that shows the economy is on a path towards full employment.
- Pending Home Sales Slide 3.8% in December
Pending home sales fell for the second month in a row in December, with all four regions of the U.S. posting drops in month-over-month and year-over-year contract activity.
- Young Adults Are Returning to their Family's Homes, but for How Long?
In 2020, the share of young adults aged 25 to 34 living at home grew to the highest share recorded since 1960. Regardless of the reason, living with family may provide a benefit to potential first-time home buyers.