Today I’ve got another great market update for you that covers the latest numbers for the Greater Phoenix area for April 2019.
10,973 homes came on the market this year versus 10,804 last year, a 1.56% increase. We also had 21,986 homes available this year versus 18,856 last year, a 16.6% increase.
This year, we had 9,662 homes sell versus 9,186 last year, a 5.2% increase. As for our months’ supply of inventory, it went up from 2.05 to 2.28, an 11.2% increase.
What are we seeing here? First, a very slight increase in new homes coming on the market to go along with a modest increase in sales. Our inventory has gone up slightly, but we’re still in a seller’s market as a whole.
What’s affecting all of this? Interest rates, mostly. Last year, rates were going up and the stock market was tanking. Between those two things, a lot of people held back and demand went down at the end of the year. Rates are lower now than they were then, but they have gone up a bit in the last few weeks.
If you know anyone who is thinking about buying a home, or you’re thinking about buying a home yourself, now would be a great time to do so while rates are still low. There’s no guarantee that they’ll stay this low in the future.
If you have any questions for me in the meantime, don’t hesitate to give me a call at (602) 738-9943 or send me an email. I look forward to hearing from you soon.