(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.
