Phoenix – July 2020 – Single-Family Detached
• Highest median sold price ever
• Highest number of houses sold ever
If you know anyone who predicted in March that this would happen, please let me know. I didn’t.
Last week was more of Phase 3 of the COVID-19 real estate market – not up, not down, just more of the same.
For U.S. real estate market analysis,
go to Real Estate Decoded.
New listings have been running a little bit ahead of last year since early July.
No change. Still about HALF of 2019.
The number of single-family houses under contract to buyers increased a little bit after the end-of-month sales rush the week before. I expect houses under contract to return to its slight downward trend next week.
Solds are not quite back down to 2019 levels but I expect we’ll be there by the end of August.
Where do YOU think the market will go after August? Leave a comment.
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 9, 2020 but the graphs will be continually updated.
2 Responses to The Unexpected Housing Crisis
I’m curious if the cut in supply will keep accelerating the market over the fall. Although slower it may keep the momentum until next spring.
Brian, there’s a super-strong seasonality to home sales. In Phoenix, closed sales fall in the fall, take off again in February and peak in March. I expect sales to slow from September through December but, nevertheless, if sales are higher than “normal” in December that would lead to strong momentum going into the high season.
I keep expecting the number of houses hitting the market to increase. It’s increased a bit but not a ton. So what happened to all those prospective house sellers from last spring that decided not to put their houses up for sale? Will they come back into the market in the fall or next year, or did a lot of those prospective sellers from last spring change their minds about selling altogether?
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