After 2 complete weeks have elapsed we can take a fair reading of how June is doing. It is good news for sellers once again. Closed listings are very strong as can be seen in the graph below. Up from 3,540 last year to 4,019 across Greater Phoenix, which is an increase of 13.5%. This is also a long-term record high for the first 2 weeks of June in terms of both unit sales and dollar volume through ARMLS. Additional good news for sellers appears when we examine the new listing
Re-sale prices are not predicted to come down this year. Between August 2018 and January 2019 it looked like the market was going to balance out and cause prices to stabilize around the 2nd half of 2019. However two things happened to change that prediction. First, average 30-year mortgage rates dropped from a high of 4.94% in November 2018 to 3.82% as of June 2019. That alone has saved buyers around $177/month on a median-priced $279,000 home with 4% down.