Institutional investors are losing their enthusiasm and their purchases in Maricopa County dropped from 579 in July to 307 in August. This means they halved their market share from 8% to 4%.

iBuyers too are trying to curtail their purchases but because many offers were already accepted they still bought more homes (296) in August than they sold (216).

In August the biggest winners were the home builders. More than 1 in 5 homes purchased was brand new, the highest market share for new builds since March 2008.

Demand is weak across the board, but supply is not growing like it did when demand started to falter in 2005. The period of rapid supply growth appears to have ended in early August.

Market insights provided by The Cromford Report.