Jun 4

Jun 4 Market Snapshot June 2019

Median Sales Price up 5.9% to $270,000 in Greater Phoenix, Sales Rebound, Up 3.7% Over Last Year

Low interest rates are continuing to fuel buyer demand and there are now 2.5% more listings under contract today than there were last year at this time and 3.7% more sales. All-in-all, an impressive rebound as interest rates have remained below 4.2%, keeping affordability stable for the time being. Increased demand in the 2nd quarter has resulted in strengthening the weakening seller market after a full 7 months of decline. May is typically the highest month for listings under contract and buyer activity is expected to decline from here through December as it typically does every year. Don’t think you’ve missed the boat if you need to list however. On average since 2001, about 52% of all sales happen in the first half of the year and 48% in the second.

On the mortgage front, Guardian Mortgage VP, Steve Howard (NMLS # 997898) reports, “Many non-bank lenders continue to roll out more aggressive non-qualified mortgage products. Higher loan to values, lower credit score requirements, and alternative documentation types are adding additional buyers to an already competitive landscape. Time will tell if these type of lending products will be good long term for the housing market." My advice is, talk to your lender, see what programs are available, and make an informed decision. Now is a great time to buy a house in Phoenix.