Extraordinary AZ Real Estate Market!
I cannot stress enough how unusual the active listing counts look this year, collapsing after hitting a peak at the beginning of March. In February it looked like we would have far more supply than last year but the situation has changed dramatically since then.
All 17 cities swung in favor of sellers over the last month. We have no city below 150 and 7 above 200. This is extraordinary.
3 cities improved by more than 20% and another 9 improved by more than 10%.
Buyers may be liking the interest rates, but the lack of available inventory is a nightmare for them. No doubt many will turn to the new home market which has seen surprisingly stable pricing under these circumstances.
The average change in CMI was +12.6%, up slightly from 12.5% last week.
At some point this trend in favor of sellers has to change direction, but there is scant evidence of that at the moment.