August 2020 Phoenix Real Estate Statistics

August 2020 Phoenix Real Estate Statistics ARMLS

August 2020 Phoenix Real Estate Statistics from the ARMLS: The current state of our housing market is remarkable, even after our unemployment numbers rose above 12% in April and the U.S. economy contracted nearly 33% in the second quarter. Although many economists predicted a shutdown in our housing market, the opposite is happening.

Since June, we’ve seen strong gains in home prices and sales volume. The housing market is being fueled by low interest rates. Freddie Mac just reported another all-time low with the 30-year fixed rate having dropped to 2.86%.

With home inventory low and prices high, the ARMLS Phoenix Metro market needs an influx of homes to rent. If you have a home to rent, or are interested in renting your home, call us today at (602) 753-0333

Here are some of the numbers in the ARMLS region for August. You can read more by clicking here: https://armls.com/docs/2020-AUGUST-STATwith-commentary.pdf

Total Monthly Sales: 8,878

Sales are down 13.8% from last month, and up 1.7% from last year.

August 2020 Phoenix Real Estate Statistics-total monthly sales
August 2020 Phoenix Real Estate Statistics-Total Monthly Sales

Total Inventory: 13,510

Total inventory increased 3.9% from last month, and decreased 22.8% from last year.

August 2020 Real Estate Statistics-Total Inventory
August 2020 Real Estate Statistics-Total Inventory

Average Sales Price: $398,800
Median Sales Price: $325,000

The average sales price is up 17.7% from last year, while the median sales price is  up 16.1% from last year.

August 2020 Real Estate Statistics-Average Sales Price
August 2020 Real Estate Statistics-Average and Median Sales Price

Average Days on Market: 51

Days on market are down 12 days from last year, and down 4 days from last month.

August 2020 Real Estate Statistics-Days on Market
August 2020 Real Estate Statistics-Days on Market

Summary

August 2020 Phoenix Real Estate Statistics from the ARMLS: The current state of our housing market is remarkable, even after our unemployment numbers rose above 12% in April and the U.S. economy contracted nearly 33% in the second quarter. Although many economists predicted a shutdown in our housing market, the opposite is happening.

Since June, we’ve seen strong gains in home prices and sales volume. The housing market is being fueled by low interest rates. Freddie Mac just reported another all-time low with the 30-year fixed rate having dropped to 2.86%.

What do the August 2020 Phoenix real estate statistics mean? It’s a great time to have a Phoenix investment home, and a great time to rent a home in Phoenix! Check out our available rentals at: http://allcountyprestige.com/available-rentals.

Call us today at: (602) 753-0333 for more information about renting out your home in Phoenix.

All County® is here for you!

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