Your June 2024 Housing 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.

Today, we’re recapping the last 30 days in the real estate market. There have been a lot of interesting changes in the market recently that buyers and sellers should be aware of before moving.

Over the past month, active listings have surged to 21,082 from 14,976 this time last year, marking a 40.7% increase. On the other hand, pending homes have decreased by 8.7%, from 9,075 last year to 8,290 now. Similarly, closed homes have dropped by 6.7%, from 7,751 last year to 7,232 this year. The month’s supply of inventory has increased by 66%, rising from 1.5 months last year to 2.5 months this year.

While we still have fewer homes on the market compared to historical standards, inventory is beginning to build, and we’re approaching a balanced market similar to the early 2000s. With mortgage rates hovering around 7%, the market can continue at this pace. However, if rates climb to 7.5% or 8%, we could see a significant shift.

My advice? If you’re renting and can afford to buy a home for the same cost, it’s better to invest in a property and build equity. If you’re considering a move within the next year or two, it’s wise to act now while the market is favorable. Remember, about 60 homes are coming off the market daily as canceled or expired listings, so pricing your home correctly and working with a skilled Realtor is needed. If you have any questions, feel free to call me at (602) 738-9943.