Metro Phoenix Real Estate Market Trend - July 2021 Summary
July active listings number increase of 15.9% indicates an upward supply trend although is still approximately 35% down compared to last year. Demand continues to be steady but it is about 8% lower compared to June. This shift is a clear sign that the rapid increase in home prices is finally beginning to affect demand. It is expecpected for sales to continue to decline in second half of the year, and prices will continue to rise but at a much slower pace.
The 30 year fixed mortgage continues to hover below 3% which will continue to drive home buyers. Out of state buyers are beginning to feel confident enough to make offers by viewing homes virtually with the help of a local real estate agent. This is now not uncommon. I work with plenty of buyers who are touring homes with me via video and submitting offers that are getting accepted.
In many ways, COVID-19 has changed the way we conduct business. People no longer wait for things to return to normal but are beginning to adapt to a "new normal." In a competitve real estate market where homes sell within hours or days with multiple cash offers, it is important to work with an experienced and professional agent who will help you purchase a home that fits your needs and lifestyle.