APRIL SALE SURGE SHRINKS SUPPLY EVEN LOWER

    The number of existing homes sold in Scottsdale North reached the highest level since June, driving inventory further down and keeping the seller’s market solidly in place. The 49 homes sold in April was up 51.1 percent from March and was just under 1 percent higher than last April. Terravita and The Boulders led the increase in sales, but sales were good anywhere there was actually something to sell.

    Inventory inched up in a couple of communities but fell overall to the lowest level since last July. Terravita and Winfield haven’t been this low in any month going back to at least late 2016. Summer sales are typically slow enough that we take any homes that didn’t sell off the market at the end of June to wait for the more productive days of October. With the pent-up demand created by low inventory, we will be looking hard at that strategy this year.

    Sales prices were a mixed bag, but price per square foot rose across all communities year-over-year.

    Nationally, existing home sales fell 4.9 percent in March, the most recent month analyzed, compared to last March. The median price across…

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