UPDATE – Graph now shows changes from 2019.
The Phoenix real estate market is still crazy, insanely tight, but it looks like it finally stopped getting worse. We’re probably past Peak Real Estate Frenzy.
• Both supply and demand were down 20% in April and May.
• In June, demand rebounded but supply only came halfway back.
• So far in July, however, it looks like supply is finally rebounding back towards “normal” too.
• For the rest of July, home sales will be higher than last year but then will start falling.
For national real estate market updates, check out my other website, Real Estate Decoded.
The number of new listings FINALLY started to rebound. The number that hit the market the week of July 4 was 5% higher than a year earlier. Are we starting to see some sellers who delayed selling during peak COVID-19 in April and May?
The number of houses for sale finally stopped falling last week as new listings increased a bit and the number of houses going under contract to buyers fell a bit for the 3rd straight week. The number of houses for sale is, nevertheless, crazy low, it’s just stopped getting crazier lower.
The number of houses under contract to buyers continued to fall. It seems we’re working our way through the backlog of buyers who put off buying during peak COVID-19 in April and May. We’re past the crest of the wave.
The number of single-family houses sold in June 2020 was essentially the same as in June 2019.
We can tell by the number of houses under contract to buyers that the number of sales will remain high for the next 2 or 3 weeks and then start to taper.
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.
Let me hear your comments below.
Note. This post was written on July 12, 2020 but the graphs will be continually updated.