Published August 7, 2023
Hot, Flat Summer
Hot, Flat Summer
by John A. Sposato
Yes, right now things in Arizona are hot and flat… The temperature is HOT, as we continue our record-breaking summer, with temperatures staying at or above 110° since June 30th…!!
The FLAT part is the real estate industry itself, because we have exactly the same amount of Inventory we've had for the past six weeks… And we have almost exactly the amount of pending transactions for the last five weeks…
Everything is very much in the doldrums right now….
This heat, coupled with the interest rates, coupled with the typical Summertime pattern is taking away any kind of momentum from the current real estate market…
However, as I've stated in previous reports, this is quite typical for this time of year, as families have been on vacation and are now getting back into the swing of things, getting ready for school… We typically don't see things picking up until mid to late September…
As a result of all this "Flattening", for those people who know "Economics 101", the Median home price has now started to flatten this summer after a 7% increase in the first half of 2023.
However, the fact remains that homes are still selling every day… And good homes that are priced well are selling at or above list price, usually in the the first weekend with multiple offers.
If you are buyer out there right now sitting on the fence, it's a great time to be buying… Many sellers are sitting and waiting for an offer.... they have equity, which means that they have money to give a buyer concessions towards closing cost, or buying down your interest rate.
Phoenix MLS Inventory
Phoenix MLS Median Sale Price
