Listings suddenly flooding Phoenix Valley home market - say wha??

[Account Closed]

It appears that things have changed, dramatically . . .  

We are at the height of the market in Maricopa County folks, and as they say, "buy on the upside, sell on the downside". It doesn't say what's happening in CA, WA, TX, OH or TN but I'll bet you will see something similar soon.

Anythin' happenin' in your market?

"The Cromford Report two weeks ago said “uncertainty is compounded by the unusual speed of change” and that the Phoenix Metro housing scene “is shifting faster than we have seen at any time in the last 22 years.”

https://www.eastvalleytribune....

“If we were just suffering deflating demand,” it said, “the market would be cooling off pretty gently. But if 34% more new listings are arriving every four weeks, supply is increasing just at the wrong time and it just cannot be absorbed. This is why we are seeing the fastest cooling trend that the Greater Phoenix housing market has ever experienced“.

"Other analysts weighing in the day after the Federal Reserve on June 15 raised interest rates 0.75% and MarketWatch.com said even before that hike, Freddie Mac reported mortgage rates had surged 55 basis points for the largest one-week increase since 1987."

All this spells bad news for both sellers and buyers.

That report was buttressed by a news release two weeks ago from Sam Khater, Freddie Mac’s chief economist, who said: “Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.”

https://www.eastvalleytribune....

[Russell Brazil]

So if they had roughly the same inventory levels most major metros had at 2 weeks of inventory, a 34% increase doesnt even get us to 3 weeks of inventory. 😒