June housing report: Phoenix Housing shortage starts easing as listings surge 113.2%.

Phoenix, Arizona — The June housing report produced by Realtor.com shows home Inventory in Phoenix, Arizona ticked up (113.2%). Only Austin had higher increase in listing  (+144.5%) inventory.

Inventory increased in 40 out of 50 of the largest metros compared to last year. Metros which saw the most inventory growth…

1. Austin (+144.5%)
2. Phoenix (+113.2%)
3. Raleigh (+111.7%)

all of which experienced booming demand during the pandemic.

Inventory is still declining on a year-over-year basis in 10 markets.

1. Miami (-15.9%)
2. Virginia Beach (-14.4%)
3. Chicago (-13.0%)

still seeing the largest declines. 

You can read the full report here June 2022 Housing Market Trends Report – Realtor.com Research

My two 🪙🪙’s

The market has been showing cracks for the past couple of months. My advice to my buyers is to be ready, be patient, stick to your plan, and when the home you like comes around do not hesitate. To my sellers I advise you price your homes at or slightly below market to sell. The days of over pricing or trying high is over, you are wasting your time. On another note, could we be running into a “too many homes situation”?