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June 15, 2022 Market Update

Wednesday, June 15, 2022   /   by Bryan Baylon

June 15, 2022 Market Update

As an indication of how far demand has collapsed in the last few months, the number of pending listings of all areas & types in the ARMLS database is 6,873. This is the second lowest number we have ever recorded for mid-June, beaten only by June 15, 2007. June is usually a strong month and we would normally expect counts to fall from June through the rest of the year.

We have been saying for several years that the imbalance in the market was caused by very low supply, not unusually high demand. This is illustrated by the fact that a sudden increase in mortgage interest rates can drop the demand to almost record lows.

Market incites provided by the Cromford report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. July 15, 2024
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