For full transcript please read below:

Hello everyone. This is Ian with the Kay-Grant Group. Today, we're going to be covering the July to August Arizona property statistic update. In this video, we're going to be going over what are the current housing inventory trends, where they're headed and kind of compare it for month over month, year over year. So let's go ahead and jump on it. 

So while we're looking at the total inventory that was reported for the month of July, we're looking at a 5.4% increase for month over month, which is good to see. Then we're still seeing a 29.6 decrease for total housing inventory year over year. Moving on to monthly sales. Sales are actually down by nearly 10% for month over month, and year over year comparison is actually down by 15%. This is actually a very good news as this will allow inventory start catching up and further us into a more stable market. 

Now, with new inventory, we've seen a very marginal month over month increase of .03%, while the year over year comparison is plus 3.4%. However, this can be a little misleading as we're going to be moving into a little bit more overall comparisons.

In taking a look at average days on market, we're looking at it's down by 27 days for year over year, while the month... Well, this is actually a typo, even though it says that the month over month went down by one day, this is actually incorrect. The prior month was actually 27 days on market. This month is 28. So it's actually showing an increase in one days. There, fixed it. 

Now, when we look at sales prices. The average sales price is up by 27.3% year over year, while the median sales price is also up by 28.6%, unfortunately. However, it does show a decrease when we're actually looking at it month over month. Whereas the prior month, the average sales price was down 505. Whereas the year over year median actually has increased prior to what it was before. 

When we look at current active inventory as of August 26th, 2021, we're looking at 6,952. This includes pretty much all of the Valley, also includes single family households and condos as well, and town homes to a lesser degree. So this is actually showing up, as we've been doing this reporting, we're actually averaging out anywhere between 6 and 8% inventory increase month over month. So even though it's a bit of a slog, four or five months ago, we were actually sitting at less than half of this. So we are doing nothing but headed in the right direction. 

All in all, even though it is scathingly slow, we are seeing inventory come back on the market. We are not seeing absolute ridiculous sales prices anymore. So we're starting to slightly trend down there. Now, are housing prices going to just collapse overnight? Once again, absolutely not. All we're going to do is inch towards stability as new housing developments and more inventory comes on the market. 

So that's what we predict right up until maybe the end of the year, because usually in the November, December months, we tend to see a bit of a gold rush activity historically. But once again, we've been bucking those trends for the last couple of years, for obvious reasons. So anyways, that's it. We will catch you guys same time next month.

If you are looking for homes for sale in the Valley you can see all Scottsdale homes for salePhoenix homes for sale, and Tempe homes for sale.