AZ Business Magazine | AZBigMedia
Representing the last full month before the coronavirus became a global pandemic, February saw the third consecutive month of year-over-year increases in U.S. home sales – a streak not seen since 2015. At the same time, inventory across the report’s 53 metro markets plunged 15.8%, marking the fourth successive month of double-digit percentage, year-over-year declines. Phoenix home sales saw a 13.9 percent year-over-year increase.
“Strong February home sales and limited inventory defined U.S. housing ahead of the challenges brought on by the coronavirus emergency,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “Even as we all adjust to the new landscape of social distancing and limited in-person interaction, houses will continue to be bought and sold. Overall, demand in February was high, inventory remains low, and interest rates are attractive, but exact circumstances vary by community. Professional agents – the local experts – can offer tremendous value right now, providing clarity and expert guidance in an environment that’s new for everyone and changing every day.”
