Uptick in resale homes, prices up

By Mike Sunnucks | Rose Law Group Reporter

There has been a noticeable uptick in resale homes for sale in the Phoenix real estate market which has seen some drops in demand after unprecedented sales during much of the coronavirus pandemic.

Steven Hensley, advisory manager for real estate research firm Zonda, said the number of existing homes for sale in metro Phoenix grew by 10% from June to July.

Resale home supply has been constrained during the pandemic.

That is because some homeowners were concerned about hosting open houses during the COVID pandemic. Others may have held off on putting homes on the market as they gauged the impacts of the virus on the economy.

But demand was strong and home prices have jumped significantly throughout 2020 and into 2021.

Hensley said more homeowners are looking at the equity gains and putting their homes for sale.

Still, home supplies are limited. Price increases have pushed some buyers out of the market and there has been a summer decline in demand.

Hensley that compares to the anomaly of 2020 when the Phoenix housing market saw record sales rather than the heat-induced summer slowdown.

Hensley said it will likely take into the fall to determine whether and how much of the current decline in sales demand is due to a typical seasonal slowdown or more tied to tight supplies and higher prices.

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories
August 2021
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031