Phoenix real estate market still hot, but becoming more balanced
SCOTTSDALE, AZ – August 14, 2015 – (RealEstateRama) — The Scottsdale Area Association of Realtors® (SAAR) recently released its monthly Market Data Report, which highlights key metrics for residential real estate inventory.
The number of homes currently listed for sale dropped once again this month, making July the sixth continuous month of decreasing inventory in the Valley. There is currently $7.7 billion in total volume of homes for sale, down from $9.1 billion this same time last year. Lack of inventory leads to higher sales prices as more buyers compete for less available homes.
Fortunately, the new listing count and new listing volume increased slightly from June, which could be a sign that times are changing and more home sellers are coming to the market. This is important to make sure we have a balanced real estate market, especially with a recent report from the National Association of REALTORS® (NAR), which reported home prices are rising “a little too quickly,” according to Lawrence Yun, chief economist for NAR and one of the top economic forecasters in the country.
These rising prices are attributed to inventory shortages across the country. Bob Denk, senior economist at the National Association of Home Builders, reports new home construction is also significantly behind “where it should be”.
The full market report can be viewed at SAARonline.com.
Every home is different. For more information on how these trends impact your own home, contact a REALTOR® today.
About Scottsdale Area Association of REALTORS®
The Scottsdale Area Association of REALTORS® (SAAR) is a 501(c)(6) not-for-profit trade association serving more than 8,000 members. SAAR members specialize in every aspect of the real estate profession, including residential, property management and commercial, as well as supplemental services such as appraisal, financing, title, and inspection. Formed in 1963, SAAR has earned the reputation of being the Voice for Real Estate™ for the Scottsdale, Fountain Hills, Carefree and Cave Creek communities. More information can be found on SAAR’s website at www.saaronline.com.
REALTORS® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® (NAR) and subscribe to its strict Code of Ethics.
