How the Market Has Changed in a Year

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A lot can change in just a year, especially when talking about the Phoenix housing market. Today we are going to examine the most recent statistics and compare them to the numbers we saw at this same time last year.

This year, we had 9,241 homes come on the market. Last year, that number was 8,837. That's a 4.5% increase. As for active inventory, we are up to 22,580 homes on the market right now vs. 21,594 homes last year. That is also up by 4.5%.

Where we saw the biggest change was with the total number of homes sold. We sold 7,974 homes this August, compared to 7,064 homes the year before. That is a 12.8% increase in homes sold, which is huge. So much for August being a bad time to sell.

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Inventory is down and home sales are up.

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Now, the overall inventory hasn’t changed much in terms of how many months supply we have. Last year we had a 3.06-month supply and this year we have a 2.83-month supply. This makes the market even better for sellers.

Interest rates are still around 3.5% and homes are selling fairly quickly if they are in good condition and priced right. If you’re thinking of buying or selling or have any questions at all, feel free to give me a call or send me an email. I look forward to speaking with you soon.