By Peggie Simmons
Are real estate prices in Phoenix, Arizona, starting to stabilize?
In July this year, Realtor.com released a report that showed what real estate markets Nationally attracted more investors. Phoenix ranked among the top areas where investors swamped the market. The report further showed what markets had seen a decline in inventory and where homebuyers faced stiff competition when it came to buying. Phoenix had shrinking inventory in both cases, and homebuyers faced stiff competition WWW.THEPOWERISNOW.COM
from investors who snatched the little available inventory. While the report released in July indicated a seller’s market, the one published in August showed that the tide was changing. New active listings in the metro Phoenix area went up by 26.3 percent, compared to July’s 25 percent increase. The increase in new active listings prompted Realtors.com’s Chief Economist Danielle Hale to say that this trend is “shifting the housing market balance in a more buyer-friendly direction.” Despite active listings going up in August, the supply of homes is still too small to service the demand. In September, the ground has shifted yet again. The sales were up 0.8 percent from August 15. However, the number of active listings (excluding UCB & CCBS) has gone down 3.3 percent. With new active listings on September 1 being 6,873, l
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arlier this year, experts predicted that the Phoenix, Arizona housing market would see price appreciation throughout 2021. And true to this prediction, the housing market in Phoenix has been very hot. All thanks to slim inventory; too little to meet the growing demand. It is this supply and demand dynamic that resulted in home prices increasing in double digits. A dynamic that heavily favored the sellers in the market, while homebuyers had an uphill task of finding a place to call home.
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