Sales Climbing + Prices Rising + Inventory Sliding = Buyer and Seller Gulf Widening
The June Sales Report
The Phoenix Metro communities continue a solid and progressive home sales trend that on the one hand places us in the enviable position nationally of balance and strength, but on the other hand a sales market that may be approaching an even stronger price acceleration period than we witnessed this past year, which was double digits.
First, the June 2015 numbers:
- Home Sales: 8674 (20.2% one year increase; 4.3% one month increase)
- Homes For Sale (listings): 19,596 (20% less than one year ago)
- Months of Inventory Available: 2.69 (4.00 this time last year)
- Median Sales Price Increase: $214,900 (Up 10.2% over 2014)
- Average Sales Price Increase: $271,000 (up 5.8%f over 2014)
- Foreclosures Pending: 5048 (22% Drop from one year ago)
The interesting and continuing saga of steady demand but decreasing inventory is what is fueling price acceleration especially in the sub $200,000 market. The market continues to amaze me for its longevity in price stabilization (until recently) and decreasing distressed properties, such as foreclosures, which are now among the lowest in the country.
It’s important to point out, however, that there are still solid numbers of inventory available in the higher price ranges, though we’re seeing that change changing downward also. (With thanks from the Arizona Regional Multiple Listing Service Information Market)
The Full Report with charts can be accessed at: http://www.armls.com/docs/stat-2015/stat-july-2015