A Market Update for the Greater Phoenix Area

By Jason Penrose

Jason has been licensed since 1999, and is currently one of the top 20 agents in Arizona for homes sold.

Let’s go over how the real estate market was doing last month, July 2021, compared to the year before:

• 13,126 homes available this year versus 16,718 homes last year. That’s 21.5% fewer homes for sale.

• 11,149 new homes came on the market. Last year it was 10,434, so new inventory is up 9.4%.

• 9,142 homes have sold compared to 10,545 which is a 14% decrease in homes sold.

• 1.44 months’ supply of inventory last month whereas last year it was 1.59. That’s a 9.5% decrease in months’ supply.

So what does this mean? There are fewer homes for sale and more homes coming onto the market, but fewer sales overall. The Cromford Index has been declining since March, but it’s still a hot seller’s market. It’s hotter now than it was at the peak of 2005.

Different parts of town are hotter than others, so if you’re wondering how your area specifically is doing, reach out to me at 602-738-9943. I’d also be happy to answer any real estate questions you have. I look forward to hearing from you soon.