October market report

October market report for Fountain Hills and the Verdes
The October Cromford Report indicated the first 3 weeks of October produced 6,515 new listings across Greater Phoenix. This is down 3% from 6,708 last year and is the lowest count we have ever seen for these 3 weeks. New listing counts were slightly higher in September than last year, but October has gone back to the weakness in new supply that we saw in June, July and August.

Price momentum is rising, and in normal markets this tends to bring the market closer to balance. It does this by giving sellers better reasons to sell and giving buyers greater affordability problems.  Stands to reason, sellers increase the inventory by agreeing to sell, and the buyers cool off as prices get higher. More inventory, fewer buyers.

The Wilcox report also noted that home sales in September were up 12.8% higher than in September 2018, and in November of 2018 the 30-year fixed mortgage rate was 4.87% as compared to 3.61% this last month.  Lower interest rates are keeping the buyers in the game as prices creep up.

RobinW

Verdes Lifestyle Team HomeSmart Lifestyles 12645 N Saguaro Blvd. #5 Fountain Hills, AZ 85268

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