Closed residential sales were down throughout Greater Phoenix in August, but experts say the dip fits the season as one of the slowest months in Arizona real estate.
Sammy Glassman, board president of Phoenix Realtors, said even with slower buyer activity, fewer sellers entered the market in August, which helped to keep inventory relatively balanced. Months supply of inventory rose only slightly from 3.9 to 4 months, and August closed out with more than 20,000 homes for buyers to consider, she said.
“With that many homes on the market, one would think that it’s not a good time to sell,” Glassman said. “However, even though August was a soft month, over 8,000 homes were in the process of being sold or closed during the month. That’s more than a third of the housing inventory that will be off the market and needs to be replaced with new listings.”
