Since April, active supply levels have now declined 13.6% due to a large increase in cancelled and expired listings from May through July and too few new listings to replace them. July cancellations were up 64% over last year and expired listings increased 69%. Demand for homes has also begun to recover, helped by a drop in mortgage rates from 6.75% to 6.55% and a 14% increase in weekly accepted contracts since the 4th of July.

Median Sales Price Showing a Flat Trend Over Last Year… 

The Greater Phoenix market is no longer falling farther into a buyer’s market… 

     While things are looking very good for buyers right now, the Greater Phoenix market is no longer falling farther into a buyer’s market. Over the past 30 days, the Cromford Market Index started to reverse course as a direct result of lower supply and stabilizing demand. This could mean the days of this buyer’s market could be numbered if it continues at its current pace. Buyers who would like the benefit of seller incentives and zero competing offers for homes shoul probably get in the game. As affordability improves with reduced mortgage rates and lower home prices, more buyers will enter the market and sellers will be under less pressure to concede to every buyer demand .