Phoenix/Scottsdale Real Estate Market Update – January 2019
Is Phoenix/Scottsdale transitioning to a Buyer’s Market?
We have become accustomed to a hot, growing market that strongly favors sellers. Now that it is cooler, contracting in volume and moderately favoring buyers, there is some talk that we are entering a Buyer’s market. But this perspective is not agreed upon by all because a decline in demand does not necessarily constitute a Buyer’s market.
A Buyer’s market is indicated by supply that is higher than demand and decreasing closed sales prices. In Phoenix and Scottsdale, the supply is still very low, and there is little indication that the supply will increase.
Most indicators that impact the housing market are in normal to good ranges. Compared with California and other west coast metro areas, Phoenix/Scottsdale is still very affordable. There has been no decrease in loan approval rates and population growth is increasing faster than the number of homes. Owning a home still makes better financial sense than renting (unless you expect to own the home for less than 3 years). None of the conditions for closed prices to fall are currently in effect.
The numbers are more reliable than emotion, and the numbers indicate more of a cooling down rather than a downturn – perhaps a return to a balanced market.
*Every Tuesday, we participate in a conference call with our broker and fellow colleagues to discuss the local real estate market, the current real estate news and the latest statistics. Our market update is based on this group discussion and information provided by The Cromford Report, a company dedicated to local real estate market statistics.
News from NAR - National Association of Realtors
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.
June 2019: Existing-Home Sales Over 10 Years
on August 16, 2019 at 3:23 pm
Comparing June of 2009 to June 2019, the median price of a home increased in the US and all the four regions.