Affordable homes in Tempe have diminished greatly as inventory has dropped, putting upward pressure on demand and prices. Inventory has dropped 34% year over year. In 2 years inventory has dropped 41% for homes priced under $250,000.
Rents are also rising in most areas, including this chart for Tempe,as shown in the above.
Days on market is currently 37 days on market. The fastest sales in Tempe for homes up to $250,000 was 28 days in August, 2018. Homes sold in 35 days July, 2018. Clearly a seller's market up to $250,000.
Sales have dropped 15% since last July for homes up to $250,000. Lack of inventory is likely the culprit as prices continue to rise with low interest rates.
Notice the lack of foreclosures, short sales or HUD properties selling. Even in this price range, notices of default have dropped dramatically.
Housing Statistics provided by subscription of the Cromford Report.
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