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.

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August 2021