Phoenix realty market is still hot, but ending up being more balanced August 14, 2015. The Scottsdale Area Association of Realtors ® (SAAR) recently launched its monthly Market Data Report, which highlights vital metrics for residential housing inventory.
The number of homes currently listed for sale dropped again this month, making July the sixth continuous month of decreasing inventory in the Phoenix Valley. There is currently $7.7 billion in overall volume of homes for sale, $9.1 billion below this very same time only two years ago. Lack of property results in greater sales costs as more buyers compete for less available houses. Fortunately, the new listing count and brand-new listing volume increased somewhat from June, which might be an indication that times are altering and more home sellers are pertaining to the market.
This is necessary to make sure we have a balanced realty market, particularly with a current report from the National Association of REALTORS ® (NAR), which reported house rates are increasing "a little too quickly," according to Lawrence Yun, chief economist for NAR and among the top economic forecasters in the country. These rising costs are attributed to inventory shortages throughout the nation. Bob Denk, senior economist at the National Association of Home Builders, reports brand-new home building is also substantially behind "where it needs to be". The full market report can be seen at SAARonline.com. Every home is various. For more information on how these patterns effect your very own home, contact one of our local Phoenix REALTOR's® today, as they would be happy to assist with your home search. If you are thinking about selling, be sure to visit our home seller marketing page by CLICKING HERE.
In 2012 Mike Orr was selected Director of the Real Estate Center at the W.P. Carey School of Business at Arizona State University. Orr left the computer market and California to focus on Arizona realty in 2002. He obtained an Arizona realty license in 2005 and started studying realty stats the exact same year. Orr partnered with ARMLS and the Information Market LLC in 2008 to develop the Cromford Report (www.cromfordreport.com), which offers daily realty market insight for real estate agents and investors covering the Greater Phoenix property market.
Orr holds a masters degree in mathematics from the University of Oxford in England and spent 31 years in the computer system market, working for IBM, Amdahl, Splash Technology and the Santa Cruz Operation. Orr is married with 3 youngsters. When not dealing with computer systems and genuine estate, his major interests are music and canals.