Arizona Housing Market Update August 2020
It’s simply remarkable. That is how analyst Tom Ruff is describing the hot housing market in Arizona. Despite high unemployment levels and fear of recession, extraordinarily low interest rates are stimulating the housing market to unprecedented levels.
We dove into the data, and here’s what you need to know:
According to ARMLS data from August 1 to August 31, 2020, monthly sales are up 1.7% year-over-year. Since the rebound in June, we’ve seen an uptick in sales, listings, and prices.
Home values are continuing to stay strong; compared to August 2019, the median sale price has skyrocketed, up 13.85%. These higher prices could be explained by increased demand, and less inventory. While new listings are rising, the total inventory is still down 22.8% from this time last year.
List vs. Sale Price
The value of a home is starting to be realized. In turn, list and sale prices have thrived through August 2020.
Days on Market (DOM)
On average, homes are on the market for 12 less days year-over-year.
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