Homebuyers should get ready to pounce on new listings as activity is expected to ramp up at the start of the new year as supply hovers at its lowest December levels.
According to Tina Tamboer of the Cromford Report, the last supply count of resale homes in the Phoenix area was about 5,400 — the lowest count for December in the Phoenix Multiple Listing Service since 2005, she said. “Typically, we would expect to see 17,000 to 21,000 (resale homes) on the market,” Tamboer said. Tamboer said demand has stayed high in December despite houses for sale being on the market a week or so longer than in previous months.
And those searching for a deal could be out of luck. According to the Associated Press, The S& P Core-Logic Case-Shiller 20-city home price index, out Tuesday, climbed 18.4% in October from a year earlier.
