“I guess Covid-19 spooked sellers more than buyers.”
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The median sold price didn’t fall last month. It was the same as in March, $320,000. And to give you an idea of how incredibly hot the market was before Corona, the median price in April was 12% higher than April 2019!
The number of houses hitting the market is still trending down. It’s down 40% from 4 weeks ago and down 43% from 1 year ago.
The number of houses for sale is about the same as 4 weeks ago.
The number of for-sale houses going under contract to buyers is rebounding strongly and has regained about half of the fall that took place from early March to mid-April.
The number of single-family houses sold increased 30% from the previous week but they’re still down 35% from a year ago and down 14% from 4 weeks ago. I expect house sales to continue to increase over the next few weeks, at least.
We only have 1.9 months of supply which is crazy tight. Normally, when supply is at 1.9 months, house prices would be increasing fast. Inventory, however, has been increasing fast – we only had 1.2 months supply at the beginning of March.
I’m surprised the number of new listings hitting the market has continued to fall. Sales, on the other hand, have already started to rebound. I guess Covid-19 spooked sellers more than buyers.
Anyway, until new listings start increasing a lot, there’s no way house prices will fall.
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.
To see what’s happening beyond Phoenix, be sure and also subscribe to my other website, RealEstateDecoded.com.
Note. This post was written on May 4, 2020 but the graph will be continually updated.
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