Buy or Sell Homes in South East Valley of Arizona

Inventory is the story for the greater Phoenix real estate market in July.  Active listings were down 4.1% to 15,442.  The median price continues to rise, up 4.1% to $279,000. Lack of inventory continues to squeeze buyers, especially below $200,000. And now buyers looking for something between $200,000 and $250,000 are having a difficult time too, as new listings in this price range were down a whopping 15.1%! Fortunately, interest rates are still favorable, with 30-year loans at 3.75% with .5 points, down .78% from one year ago (Freddie Mac, 07/11/2019). In their July/2019 report, Freddie Mac says: “The recent stabilization in mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data. On the housing front, the latest weekly purchase application data suggests homebuyer demand continues to rise, which is co...

February finds our real estate market still leaning in the seller’s favor but with definite and continued movement toward a buyer/seller balance. Home supply is still below average, and demand for homes is well below this same time last year. That said, comparing to this same time last year, the number of active listings is up  10.6%  and the monthly median sales price of  $262,000  is up  6.9%. Our continued price appreciation on housing, combined with higher interest rates, naturally makes for less demand, and listings under contract are down  13.9%  from last year. Many buyers are sitting on the sidelines, apparently uncomfortable with current pricing and interest rate uncertainty. The flux in the stock market is also a factor in buyer uncertainty.   On the interest rate front, the Fed has recently announced that it will pause its planned interest rate hikes for 2019 and instead more closely monitor the U.S. and other world economies. Th...

Click the link for the full report-- http://www.armls.com/docs/market-watch-report-2016/3q-2016.pdf?sfvrsn=0 Maricopa Median home sales-$236,900 + 7.7%  Average homes sales-$285,735 +5.9%  Average days on the market- 49 Pinal Median home sales$171,000 + 8.6% Average home sales-$183,233 + 8.1% Average days on market- 60 All data from the Arizona Regional Multiple Listing Service, Inc. Powered by ShowingTime