In this week’s Phoenix real estate market update, we’re diving into the significant rise in active listings, the best and worst times to buy a home, and the latest in mortgage rates.
Active Listings on the Rise
Phoenix’s active listings are up 57%, with a noticeable increase over the past month. This is not the usual seasonal pattern we expect for August. Typically, in years like 2014 and 2015, the market stays flat in August, with listing increases starting in September and tapering off by the end of November. However, this year, we’re seeing a rise starting in early August and continuing into September.
Despite this rise, with 18,000 active listings on the market, I’m not too worried. While demand hasn’t increased, even with slightly lower mortgage rates, the current number of listings doesn’t appear to outpace buyer interest. However, it’s certainly an odd shift, and we’ll need to monitor whether this trend continues.
Price Range with the Largest Supply Increase
The largest increase in listings is in the $300,000 to $350,000 price range for single-family homes, with an 18% increase in August alone. This significant jump in supply was noted in West Phoenix and Glendale. Interestingly, the Cromford Report highlights that most of these new listings hit the market between August 15th and August 26th.