August 2024 Real Estate Market Update

By Jason Penrose

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

Are you ready to uncover the secrets of the August 2024 real estate market? Today, I’ll share how this year stacks up against last. What’s changed, what’s stayed the same, and what surprises might lurk around the corner?

This report, run on September 6, shows some significant shifts:

• Available homes: There are currently 21,223 homes available, up from 14,513 last year—a 46.2% increase.
• Homes under contract: There are 7,727 homes under contract this year, compared to 7,329 last year—a 4.2% decrease.

• Homes sold: This year, 5,628 homes were sold compared to 5,871 last year—also a 4.2% decrease.

• Months’ supply of inventory: The supply increased from two months last year to 3.3 months this year—a 65% rise.

What does this mean for you? More homes are on the market, but fewer are going under contract or selling compared to last year. The good news is that interest rates have dropped to the low sixes. This could attract more buyers, although some are waiting to see if the Federal Reserve cuts the federal funds rate later this year, which could lower rates further.

Many sellers are still locked into meager rates and may be reluctant to move. However, it’s often cheaper to own than rent for those who need to move or want to take advantage of the market. If you want to escape high rent costs, now could be a great time to buy. If you or someone you know is considering buying or selling a home, call me at (480) 596-2900. I’m here to help you manage these market changes, but don’t wait too long—you could miss a great deal.