Gallery

State of the Arizona Housing Market 2019

I became an Arizona licensed Real Estate Agent in the fall of 2008. While attending real estate school, the housing market started to dive. I remember sitting in class thinking, “ It can’t go any lower, this has to be the bottom”. Unfortunately it did go lower and by the time I had graduated, received my license and established myself with a Broker, The US housing market experienced the worst housing crash in US history.

Nobody was selling, nobody was buying. Everybody was foreclosing. Arizona was one of the hardest hit areas in the US.

Ten years have now passed. The housing market has mostly recovered. The foreclosure inventory has all but dried up and people are once again Buying and Selling.

As we enter the start of 2019, here is the state of the Arizona Housing market.

Average new list prices are up +5.2% year-over-year. The year-over-year median is up +5.7%.

Total inventory has a month-over-month decrease of -1.2% while year-over-year reflects a decrease of -1.7%.

New inventory is down -12.4% month-over-month, while the year-over-year comparison increased by 1.0%.

In December, the 30 year fixed fell 4.63 percent the lowest point in three months. Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates. The combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months.

As of today, January first 2019 our economy still remains strong. Arizona unemployment is the lowest it’s been in decades and Arizona is one of the fastest growing states in the US. While we can’t predict what the rest of the year will bring, today’s outlook remains positive. I predict 2019 will be another banner year for real estate.

Average new list prices are up +5.2% year-over-year. The year-over-year median is up +5.7%.

Total inventory has a month-over-month decrease of -1.2% while year-over-year reflects a decrease of -1.7%.

New inventory is down -12.4% month-over-month, while the year-over-year comparison increased by 1.0%.

An increase is forecasted in December for average sales price while a slight decrease is expected in the median sales price.

Short sales dropped -63.0% year-over-year. Lender owned sales dropped -27.4% year-over-year.