June 2014 New Monthly Listings Drop Below Last Year’s Level. Mortgage Purchases Increase in Greater Phoenix.

For the first time this year, new monthly listings of existing single family homes dropped below last year’s level.  The number of new listings of single family homes in June 2014 was 404 or 5.7% less than June 2013.  In the first few months of 2014, new monthly listings were up over ten percent per month compared to last year, then the number of new monthly listings started trending downward.

Table: New Monthly Listings of Single Family Homes in Greater Phoenix

2013 June  2014 June          Change       % Change      
January 7,034 7,977 943 13.4%
February 6,292 7,196 904 14.4%
March 7,114 7,835 721 10.1%
April 7,224 7,490 266 3.7%
May 7,343 7,401 58 0.8%
June 7,049 6,645 -404 -5.7%

How long will buyers have more inventory choices?  Even with the recent decline in new monthly listings, buyers still have more choices than last year.  Currently there are 16,840 active single family listings compared to 10,190 at this time last year.

Table: Mortgage Purchases Increase, Cash Purchases Decrease for Existing Single Family Sales in Greater Phoenix

2013 June 2014 June Change % Change
Cash Purchases 2,046 1,145 -901 -44.0%
Mortgage Purchases 3,976  4,340 364  9.10%
Total Sales / Purchases 6022 5,485 537 -8.90%

A more comprehensive report for June 2014 sales in Greater Phoenix will be out soon.

Fletcher Wilcox Real Estate Analyst at Grand Canyon Title Agency, Inc. Fwilcox@gcta.com   602-648-1230

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