December 2020 in metro Phoenix began with 28.2% fewer homes for sale today than a year ago, with record lows for the number of homes available in many areas. At the same time, demand increased 27.4% year-over-year, with the highest sales volume for any November in history. Although low supply and high demand can only mean higher prices, homes are more affordable now due to record-low mortgage rates. Buying a home today takes a little more money than was last year, but is very affordable compared to most of the last 30 years. And those from high price areas such as California still find our market a bargain and are snapping up homes all over the Valley of the Sun. So don’t wait, buy now before prices rise further.
