• Next week I’ll update the monthly charts that are below the weekly charts.
• Mystery This Week. Closed sales fell for some unknown reason last week so the number of houses under contract increased. I assume it’s a fluke but don’t know for sure. The number of houses going from for-sale to under-contract didn’t really change.
There’s also some cool charts for Maricopa County at NetValueCentral.com.
For U.S. real estate market analysis,
go to Real Estate Decoded.
New Listings
Since early July, more new listings have been hitting the market vs. 2019.
For Sale
No change. Still almost HALF of 2019.
Under Contract
The number of single-family houses under contract to buyers increased unexpectedly last week. The number of closings fell a bit for unknown reasons which created a bit of a backlog in the number of houses under contract waiting to close.
Solds
The number of solds unexpectedly fell last week. I don’t know why. I assume it’s a temporary fluke. Should know more next week.
Leave a comment if you know what’s going on with the slowdown in closings.
Tell me in the “Comments” what you think.
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.
Note. This post was written on Augest 16, 2020 but the graphs will be continually updated.
One Response to Phoenix Real Estate Market – No Big Changes Last Week
Got a call from Tom Ruff of the Information Market at ARMLS (https://armls.com/what-is-the-information-market) on why closings were so low last week. It’s because closings tend to be highest on the last day of the month (I knew that) but there’s also a bump on the 15th of the month (I didn’t know that).
When writing up an offer, it’s more common for people to pick the 15th rather than a few days before or after. I guess they like the 15th sounds better than the 14th of 13th to some people.
Since the 15th was on a Saturday – when the County Recorders office is closed – that means closings on the next business day, Monday, will be a bit high, like the 15th usually is.
Anyway, the reason from the low closings last week was NOT because of the fundamentals of supply and demand, it was just because the 15th hit on a weekend.
Thanks, Tom!
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