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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