Phoenix Metro Area Market Update October 2018

October 10, 2018

Phoenix Metro Area Market Update October 2018

While we are still in a seller’s market, the available resale inventory in the greater Phoenix area continues to increase. Thus, price appreciation has either paused or moderated. As of October 3rd, there are 16,819 active listings, which is 3.7% more inventory than we saw last month. However, in comparison to last year’s inventory at this time, which was 18,161 active listings, the supply of resale homes is down 7.4%.

Overall, the demand right now is lessening while interest rates continue their upward track. The Fed has publicly committed to continue its gradual increase of rates (at least for the foreseeable future). Current 30-year money is 4.69% with .5 points (Fannie Mae, October 2, 2018).

As for the rest of the year, we expect to see the resale inventory in the greater Phoenix area continue to rise, while demand continues to moderate. If you are thinking about buying/selling your home or you have any general questions about our current market, please feel free to give us a call!

 

We are full-time, experienced Realtors working in Queen Creek and the surrounding areas.  With decades of East Valley real estate experience under our belts,  we are here to answer any questions you may have.  Please do not hesitate to reach out to Karen Berg at 602.919.2375 or April Anderson at 480.272.1977.

We’re looking forward to hearing from you soon!

Karen Berg and April Anderson

United Brokers Group
21321 E Ocotillo Rd F113
Queen Creek, AZ 85142

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602.919.2375