Phoenix Metro Area Market Update – July 2019
Active listings were down 4.1% to 15,442 and the median price continues to rise, up 4.1% to $279,000. The current average sales price per sq. ft. is $172.30, which is up 5.4% from last year.
Lack of inventory continues to put the pressure on buyers, especially below the $200,000 price point. And now with low inventory, it’s pushing buyers to look between $200,000 and $250,000. This is creating a huge challenge too as new listings in this price range were down 15.1%!! That’s a big drop.
Fortunately, interest rates are still favorable, with 30-year loans at 3.75% with .5 points, down 0.78% from one year ago (Freddie Mac, 07/11/2019). In their July 2019 report, Freddie Mac says:
“The recent stabilization in mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data. On the housing front, the latest weekly purchase application data suggests home-buyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months.” (Freddie Mac, 07/11/2019)
What this means for Buyers & Sellers
Shrinking inventory, along with low interest rates, will continue to drive modest price increases. If you are thinking of Buying, this may be the best time to jump off the fence and into the market. For Sellers, this could be the “right” time to have us assess your homes value, strategize staging and initiate our competitive plan. For more information, read “SELLING YOUR HOME” at http://melanietaylorproperties.com/selling-your-home.
Whether you’re a buyer, seller or fence walker, please feel free to reach out to schedule a strategy call.
*Market conditions compiled from various sources and subject to change with the real estate market.
