Slight Uptick in Pendings

Well, the dramatic rise in temperature seems to have brought a slight rise in pendings this week… I think most buyers out there have come to terms with the reality of the interest rate situation and have decided to make that purchase after all…

We've been telling our buyers for the past month or so, it actually is a great time to be purchasing if you are able to swing the payment… There are a number of sellers out there right now just sitting and waiting for a contract, and with the reduced amount of buyer activity out there for the past few weeks, there is money available for concessions, or a reduction in sales price.

The graph below is going to show you the slight increase in pending's, week over week, followed by the continued flat line of housing inventory… So there's still basically the same amount of sellers that there were 2, 3, 4, or 5 weeks ago… And they're just sitting waiting for offers.

As a result, we've seen a very slight flattening of the increase in pricing that we saw all year… As we head deeper into this really hot summer, I believe we will continue to see a leveling off of the pricing.

However, if you are a homeowner, you shouldn't be alarmed, because this is a typical seasonal trend for the Phoenix Metro area… It just seems to be exacerbated by the extreme heat, and the cooler than normal buyers market.

Slight Increase in Pendings

Continued Flattening of Phoenix Housing Inventory

Average price per square foot in Phoenix...Tapering Slightly