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Metro Phoenix Home Sales Report: August 2015
In this version of our Metro Phoenix Home Sales report we'll provide the facts and explain why we're still in a home seller's market -- even though housing sales are slowing and prices are slightly decreasing.
Home sales tend to be cyclical across the country. Metro Phoenix is no different. The home sales cycle in 2015 has been much like any other year in our local housing market. Metro Phoenix home sales begin to accelerate in March, peak in June, and decline throughout the fall. We affectionately call this the "school shuffle" as parents try to complete moves before the new school year begins.
Here is the difference between 2014 and 2015. Metro Phoenix home sales between March-August 2015 have averaged 8,043 per month, up 15% from the same time period in 2014.
True to local history, Metro Phoenix home sales peaked in June and have decreased over the last two months. We expect they will continue to decrease throughout the year before they resume in early 2016.
Decreasing Metro Phoenix home sales means less buyers looking for homes. It also means buyers have stopped bumping into each other at homes. Inevitably, multiple offers have become less common. This leads to price stabilization or, in our case, a decrease in ... more
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