40% More Supply than Last Year!
But first, I was interviewed on this podcast and it has 145,000 views so far!
40% More Supply for Sale than Last Year!
It's NOT because home sales are down. The number of homes sold so far is the same as last year and the year before.
It's because the number of homes hitting the market is up 14% from last year and up 27% from the year before.
The questions are, who is selling, why, and how long will it continue?
We’re at the high end of the “normal” range for the supply of homes for sale – it’s similar to 2016, a “normal” year.
But if supply continues increasing so fast, we would be at the very top end of the “normal” range for supply of homes for sale by summer.
And we could then see prices falling in the second half of the year.
Will supply level of in March like in did in 2016 and many other years?
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.