September 2013 Real Estate Statistics:
Monthly home sales for Phoenix, Arizona and the metro area are down just over 14.1% month over month. Home sales are down year over year as well, with a 6.9% drop. While we don’t like to see home sales fall, this is nothing to be alarmed about yet. We’ll have to continue to watch the sales numbers in order to see if there is a developing trend.
As you might expect, inventory tends to rise, as home sales in the Valley start to slow.
Months supply of (home for sale) inventory has risen to 3.03. Here in Arizona, the Phoenix Metro area, a 6 months supply of inventory is often considered a balanced market. We are quite a ways away from having 6 months of inventory at this point.
September 2013 Real Estate Statistics: New List Prices
While the year over year numbers for new list prices are up substantially, we’re starting to see a bit of flattening over the past few months.
Home sale prices are up year over year, we may start to see some flattening and/or softening if sales continue to slow.
September 2013 Real Estate Statistics: Pending Foreclosures
Pending foreclosures continue their decline with the overall strengthening of the real estate market.
Overall, we’re beginning to see some slowdown in sales as we move into the fall months of 2013, which is typically expected. We should start to see more slowing, getting into the holidays. This news can be good for potential buyers who have been taking a “wait and see” approach on whether or not to enter the real estate market. With the slow down in sales, buyers will begin to see more available homes and will have more potential homes to choose from, without the fear of having multiple offers on every home they see.
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