April 2024 Phoenix Real Estate by the Numbers
Home sales for the first few months of 2024 in the Phoenix metro
area are down nearly 6% from last year and over 36% from 2022.
Consumer sentiment is a big factor in what’s happening in the real
estate market.
This is John Schloz with HomeSmart and this month's real estate market
update.
The Fannie Mae Home Purchase Sentiment Index tracks
consumer attitudes, and perceptions about the national housing
market.
In the latest survey 21% of respondents say now is a good time to
buy a home and 79% think it’s a bad time to buy. We’re trending
in the right direction over the last 3 months but the numbers are
still depressing.
Locally, using county recorder data, MLS sales are down 6% from
last year and 36% from 2022, but new home sales are up almost
16% over last year. Builders have been offering incentives for
buyers making new home purchases more attractive, even though
nearly 45% of resale home sellers in the last year are offering
significant concessions to buyers to help sell their homes.
Don’t make assumptions about today’s real estate market. Talk to
your trusted advisor to get the facts. And that’s me. John Schloz with HomeSmart.