According to RE/MAX‘s December 2019 report, December posted a record finish to a year and a decade, with a year-over-year increase in home sales of 13.5% in the 54 metro areas covered by the report, which also showed Phoenix home sales with a dramatic increase. That was the highest increase of any month in 2019, and the highest for the month of December since 2009.
Here are some key Phoenix highlights from this month’s report:
• Home sales in Phoenix outpaced the national average. While sales are up 13.5% nationwide, Phoenix home sales increased almost 20% in December.
• Inventory remains extremely low with just a 2.0 months supply of inventory. An inventory of 6.0 months is considered balanced.
• At $289,020, Phoenix prices exceed the national average of $266,000.
Also posting a record for 2019 was the inventory decline of 14.5% year-over-year, accompanied by corresponding drops in Months Supply of Inventory – 3.3 vs. 4.8 a year earlier – and Days on Market – 54 compared to 55 a year ago.
“It was good to see the year-over-year spike in December home sales, indicating robust homebuyer interest,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “The strong December capped a solid second half of 2019, with year-over-year sales increases in four of the final six months. The gains were largely attributable to low-interest rates and high demand, and with those factors still in place, we expect sales to continue at a solid pace into the first part of this year.”
