The number of homes for sale in Surprise, AZ has been lower than normal for some time now. A combination of homeowners staying in one place longer, fewer new homes being built, and increasing demand among buyers has caused for-sale inventory to lag and prices to climb higher.
There was hope that those conditions would change or slow down this year. New residential construction in Arizona was poised to make gains, add supply, and help moderate price increases.
Then the corona-virus hit. Naturally, efforts to contain the virus will affect the housing market. But how? Well, according to new data from the National Association of Realtors' consumer website, it's still too soon to tell but there are some early indications.
For example, during the second half of March there were double digit drops in the number of newly listed homes for sale, with significant declines in areas like Phoenix, Milwaukee, and San Diego. Additionally, home prices grew at the slowest pace this so far in 2020, with the median listing price just 2.5 percent higher than it was one year earlier.
Still, prices continued to climb and, in some areas like Minneapolis, listings actually rose year-over-year. Overall, the data is consistent with a market slowdown, though future numbers will give a more complete look at where things stand.
If you are thinking about selling, struggling financially, or wondering what to do as a buyer? Contact us, we can look at the market together and devise a plan that helps you.