Phoenix had 3,024 single-family houses listed for sale in the MLS last week. For the same week in 2019, Phoenix had 14,877 for sale, according to The Cromford Report.
We MIGHT be seeing the beginning of some resistance from buyers to the difficulty of buying with so few houses for sale, and with much higher prices.
The number of single-family houses going under contract to buyers has been pretty flat the last month but in a normal year, the number would be increasing fast this time of year.
The number of single-family houses listed for sale went up slightly last week after falling a ton over the last 2 years.
- Are potential home buyers starting to get discouraged?
- Is the impact of lower mortgage interest rates starting to fade?
Nevertheless, Phoenix house prices will continue to increase extremely fast for the foreseeable future due to the extremely low number of houses for sale.
Click on the graph to go to the full-size, interactive version.
Houses – Just Listed For Sale
At these prices, I can’t figure out why more houses aren’t hitting the market. Doesn’t economics say the supply increases when prices increase?
To some degree, potential sellers are in no hurry to sell since prices are up 16% in the last 8 months.
Why aren’t more houses for sale? Leave your answer in a comment.
Houses – For Sale
MIGHT have bottomed out. Nevertheless, the number of houses for sale is still crazy low which is the main reason house prices are increasing so fast.
Houses – Under Contract
The number is similar to last year at this time. At these prices, demand might be slowing a bit.
Houses – Sold
Ditto.
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.
3 Responses to 2 Years Ago, Phoenix had Nearly 5 Times More Houses for Sale!
Thanks John, it’s always nice to get positive news from AZ
Maybe because it’s not time for someone to make a more. It is time for me to move out of my very large house. But I don’t think I could afford the payment of a new expensive small house now that I am on an fixed income and home prices are outrageously high.
Thanks for the comment! I’ve heard real estate people suggest that the uncertainty of the buy is what’s stopping some people from selling. It’s great to hear your story directly. It’s not just theoretical. So, you don’t have enough equity to downsize and buy something free and clear? Would be nice to cash out and reduce your ongoing housing expenses at the same time, if at all possible. Moving is a pain, however.
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