The real estate industry is always changing; today faster than ever before. We have corporate investors; iBuyers; bombshell lawsuits; downward pressures on commissions; skyrocketing home values; dated systems, a global pandemic; supply chain and labor shortages; huge interest rate increases; slowing demand; and an increasing inventory. It is a lot to keep track of. My market updates cover local and national real estate & economic news, trends, and data along with my own insights and analysis. My goal with this site is to provide current, unbiased information on the housing market. ~Sarah Perkins
While the Greater Phoenix housing market follows the same trends of the national housing market, it does so first (currently running 4-6 weeks ahead versus the usual 6-9 months ahead). The cooling trend emerged 10-12 weeks ago locally, while nationally the trend became more apparent in April. Not only does the Greater Phoenix market run ahead of the national market, it has bigger swings. Our highs are higher and lows are lower. For example, over the past three months, the national single family inventory has increased by 64% and during the same time period, Greater Phoenix’s single family inventory increased by 148%.
Overall, active supply is up 92.4% year over year and at the same time listings under contract is down 15.9% year over year. Buyers are seeing inventory rise after two years of rejection. Now is the time to prepare your sellers for what is happening right now. Today’s market is very different from the market of only a few months ago.