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, August 13, 2020
Mortgage rates bounced up lightly this week to average 2.96% from 2.88% the prior week, but this should have virtually no impact on home buying.
Housing Affordability Slips in June 2020 as Median Family Income Falls
Affordability worsened in June compared to May as the median family income slightly declined by 1% while the median home prices rose by 4%.
Metro Home Prices Grow in 96% of Metro Areas in Second Quarter of 2020
Home prices have held up well, largely due to the combination of a very strong demand for housing and a limited supply of homes for sale.
Instant Reaction: Jobs, August 7, 2020
Jobs are coming back, with 1.8 million net new additions in July, bringing the total to 9.3 million over the past three months as the economy has steadily reopened.