Fewer people are buying homes in the Phoenix metro area, according to a new report by the Arizona Regional Multiple Listing Service.
In the new report just released last week, it said monthly home sales are down about 14% year-over-year in September.
Shawn Rogers, a realtor with the Mister Rogers Homes Team under West USA Realty, said it is still a good time for sellers.
“When inventory is lower, it’s a great time for sellers to think about putting their properties on the market because there’s less product on the shelf,” he said.
New inventory of homes decreased by about 16% from this September compared to last September, the report said. The total inventory saw a 30% decrease year over year in September.
However, prices were still high last month with the average sale price of a home at about $550,000 compared to the $528,000 last September.
Mortgage rates are hovering around 7% to 8%.
“Although there’s lower inventory and less buyers, and not everybody is focused on rates, it’s a good time to shop and be more selective,” Rogers continued. “Because nobody is forcing into purchasing a property. You can take your time, run your numbers and make sure that the house will be your dream home.”
