By Angela Gonzales | Phoenix Business Journal
Home prices continue to fall in metro Phoenix, according to the latest S&P CoreLogic Case-Shiller Indices released June 27.
The Valley saw a 6.1% drop in year over year home prices through April, which may help drive homebuyers back to the market.
Sindy Ready, first vice president for Arizona Realtors, said inventory is dropping throughout the Valley, with 9,415 single-family homes currently on the market in Maricopa and Pima counties compared with 11,000 last month.
“In the last 30 days, 513 single-family homes have closed,” Ready said. “The listing price is staying close to the selling price and coming down to be right in line with what the market is doing.”
A home in a good location — not in a busy area or backed up to power lines — usually gets multiple offers in the first week on the market, she said.
“A year ago, we would have had more than 20 offers in a week, while now we get three or four,” Ready said. “However, there is still competition.”
Ready said she’s not seeing the typical slowdown that is expected during the hot summer months.
“The market is not really slowing down for us, mostly due to the growth and demand as a result of technology businesses coming to all corners of the Valley,” she said.
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