Breaking Down April 2024's Real Estate Market Shifts

By Jason Penrose

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

This April, the real estate landscape is going through some noteworthy changes. Compared to this time last year, the market is experiencing a significant shift in inventory. Presently, there are 20,812 homes listed for sale, marking a substantial increase from the 17,096 available homes during the same period last year—an uptick of 21.7%. However, the number of homes pending sale tells a slightly different story. This year, there are 8,947 homes pending, a slight decrease of 4.3% from the 9,341 homes pending last year. Additionally, the number of homes actually sold has seen a more notable decline, with 6,791 homes sold this year compared to 7,490 last year—a decrease of 9.4%.

One of the most telling indicators of market health, the months’ supply of inventory, has seen a substantial increase. Last year, the supply stood at 1.8 months; this year, it has risen to 2.5 months—an almost 39% increase. This surge in inventory suggests a shifting dynamic with more homes available for sale but fewer actually being sold. This trend isn’t isolated; similar patterns are emerging in real estate markets across various states nationwide.

Despite these shifts, it’s important to note that we haven’t yet reached a point where it’s definitively a buyer’s market with plummeting prices. Mortgage rates, which continue to hover around 7%, play a significant role in shaping buyer behavior, albeit with some fluctuations.

For those navigating the real estate market, whether considering buying or selling, it’s essential to stay informed and understand the implications of these trends. If you have questions about how these changes may affect you or your real estate decisions, don’t hesitate to reach out for personalized guidance.