Phoenix Arizona - Real Estate Sales Trend (August '13) - ARMLS® 2013
Courtesy of the Arizona Regional Multiple Listing Service (ARMLS) is a chart which illustrates the monthly real estate sales trend, in Metro Phoenix Arizona (through August, 2013).
Chart Courtesy of the Arizona Regional Multiple Listing Service (ARMLS® 2013)
The data indicates that monthly sales are down 6.9% year-over-year, and down 14.1% month-over-month (refer to the red line on the chart).
The downturn, which began in the Spring, coincided with an indication by the Federal Reserve that they might begin to 'taper' their purchases of treasury and/or mortgage securities. As a result, interest rates began to rise (and mortgage rates have moved up more than a full percentage point since that time).
One should notice, however, that there was a downtrend in the sales volume during a similar period of the previous year (refer to the gray line on the chart). Thus, it is not yet possible to attribute the decline (with certainty) to the change in interest rates.
For now, it is a development that is definitely worth monitoring. I will be providing monthly updates as we move forward.
Phoenix Arizona - Real Estate Sales Trend (August '13) - ARMLS® 2013
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