Summer housing slowdown could be easing

By Mike Sunnucks | Rose Law Group Reporter

The summer slowdown in the Phoenix housing market may be easing.

That is according to Steven Hensley, advisory manager for real estate research firm Zonda.

Hensley said builders are reporting some increases in foot traffic and interest at new home subdivisions.

“It seems like things are picking up a little so that is encouraging to see,” Hensley said.

The regional housing market saw unprecedented demand for homes during the summer of 2020 in the midst of the coronavirus pandemic.

Buyers were spurred by historically low mortgage interest rates.

That demand also pushed up prices and further squeezed already tight supplies of new and existing homes for sales.

The summer of 2021 saw sales demand decline with some buyers priced out of the market and the Phoenix housing market seeing more typical seasonal slowdown during the summer heat.

Hensley said builders are seeing buyers’ sentiments improve.

“The buyer’s psyche is turning back to a more positive direction,” said Hensley who noted that monthly price increases have eased and builders have added some inventories to tight home supplies.

The median price for a new home in the Phoenix metro area is $450,000. That figure shows the growth in prices and the challenges facing some entry level and first-time buyers.

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September 2021