Summer shopping season reaches frenzy, Valley homes flying off the market

21 | 07 | 2020

Rising temperatures and spiking Covid-19 cases aren’t keeping homebuyers from shopping for houses in metro Phoenix this summer.

Article originally posted here.

But they’re all fighting for a low inventory supply, making it a strong seller’s market right now.

“Buyers have come roaring back to the housing market after the initial shock of the pandemic and layoffs faded, and all signs indicate the hot spring selling season we anticipated has shifted to the summer,” said Zillow Group Inc. economist Jeff Tucker. “But those shoppers are competing over a shockingly small pool of homes, causing prices to resume their upward climb after a little softness this spring.”

For those looking to sell, Phoenix is the hottest among the top 50 markets nationwide by a good margin, according to a new report issued by Zillow (Nasdaq: Z)

Home values in metro Phoenix are up 9.6% year over year, followed by Birmingham, Alabama, up 7.6% and Memphis, Tennessee, up 7.5% from June 2019 to June 2020.

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