Housing Market

Arizona home showings are up, according to showing time, and Nar.  Rates, great weather making Arizona a destination to move to, not move from, is keeping the home sales and finding a home to purchase a challenge.

One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.

ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:

 

“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”

 

That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:

 

  • The Northeast was up 76.6%
  • The West was up 56.7%
  • The Midwest was up 52.1%
  • The South was up 46.7%

 

The Housing Market Is Showing a ‘V’ Type Recovery

ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):

Home Showings Chart

 

We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:

 

“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”

 

Bottom Line

If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms. Scott can help, 623-293-2833