Arizona Housing Market July 2022

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Posted: July 08, 2024 by Ironwood Fine Properties

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Time are changing!  Arizona has gone from record low inventory of 4000 house to over 15,000 available homes in less than 6 months time.  Sounds like a lot of available inventory and prices should come down?  Sorry, not happening.  The greater Phoenix area needs 21,000 per month on market to level the playing field of buyers and sellers.  While the sellers market has cooled and the "72 Hour Sale" and multiple bids per home are dissipating,  prices are remaining steady.  

  

Interest rates have also slowed the market.  From record lows in the high 2% and low 3% range, we are now hovering in the mid 5% range.   None of this has lessened the desire for buyers to come and live in the valley of the sun.  We got into this situation of low inventory when the builders put a halt on things in the 2008 market crash.  They have still not caught up and economist do not expect them to do so for 6 to 10 years.  With the latest "market breath" as I like to call it, builders are once again slowing production.  That does not bode well for future inventory issues.  I along with many others believe we will be in the same extreme sellers market within the next 2 years.

 

Bottom line, don't wait expecting a large decrease in prices.  You can once again negotiate for a home within reason.  We specialize in homes of the north valley of Phoenix, Cave Creek, Scottsdale and Anthem.

 

Please call if we can help.

 

 

Jeff Seman

Owner/Broker

 

Ironwood Fine Properties

 

623-640-7683 (direct line)