Even after suffering from the pandemic, the Phoenix housing market 2020 still comes out on top. As we saw Arizona real estate market thriving & becoming sizzling hot in the past couple of years, even the rise in mortgage rates was believed not to affect it. We've been seeing real estate appreciation rates increasing year-over-year in the entire metro area. The Greater Phoenix area was also predicted to be among the top housing markets in the year 2020. It is now clear that the pandemic could not change that prediction. It could only pause sales, which in turn created a huge pent up demand.

The Phoenix real estate market has not only recovered after a slump due to COVID-19 but the demand has reached new heights. In July & August, the Phoenix was a hot seller’s real estate market, which means there were roughly more buyers than there were active homes for sale. The demand for housing has completely outpaced the supply. It also means that the market is very competitive and difficult for buyers. The annual real estate appreciation rate is in double digits. In July, the median sales price — up 3.3% in a single month, and up 12.5% for the last 12 months. According to ARMLS, the lost sales of late March, April and May began to surface in June and then with greater frequency in July.

Sales in the Metro Phoenix housing market have fully recovered and posted a year-over-year increase of almost 13% in July. The 10,303 home sales were not only the highest number of sales ever in July, but one of the highest monthly totals ever. Although August's housing statistics are yet to be released by ARMLS the total sales in August are expected to surpass July's figures. Despite the rise in new listings, the environment is extremely difficult for homebuyers in metro Phoenix. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

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As we enter into the 3rd quarter of 2020, Miami remains a buyers' market and investors need to capitalize on this advantage while it is still there. We will discuss the latest Miami real estate market trends and find out how they can affect the investors and homebuyers in the latter half of 2020. After getting hammered by the pandemic, the Miami and South Florida housing market bounced back in July. Out of five counties, only two of them saw a year-over-year decline in sales.

Sales in Miami-Dade & Broward counties declined by 6% and 0.7% respectively. The other three counties saw a significant year-over-year increase in sales—Palm Beach (+9.35%), Martin (42.6%), and St. Lucie (20.5%). The median sales price in the Greater Miami housing market which comprises of Broward, Miami-Dade, and Palm Beach counties increased by 5.5% to $385,000 while sales dropped by -11.6%.

According to Realtor.com, in July 2020, the Miami area was a balanced real estate market, which means there was a healthy balance of buyers and sellers in the market. Months Supply of Inventory was 4.3 in Miami-Dade County (July). Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically 6.5 months is considered a balanced housing market but due to the ongoing crisis, the demand somehow meets the current supply.

Ideally, a buyer would prefer a sale to asking price ratio that’s closer to 90%. The buyers in Miami have managed to hold good leverage in these negotiations in the past month. On average, they could buy homes for 96.95% of the asking price—3.05% below asking price on average in July 2020. A seller would always prefer scenarios that can yield a ratio of 100% or higher. The median list price of homes in Miami, FL was $380K, trending up 4.1% year-over-year.

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The government shutdown has chilled economic activity across the board. What is it doing to the Boston housing market? And what can we predict for the future of the Boston real estate market? We will discuss the latest trends & prices and find out how they can affect the investors and homebuyers of Boston in the latter half of 2020. Severe limitations on property access had slowed the real estate market activity across metropolitan Boston in the past three months. However, the market has started to bounce back.

In June, the pending sales of single-family homes jumped 43.6 percent from 1,187 homes put under agreement in May, and condo pending sales climbed and even more impressive 51.7 percent from 782 units placed under agreement in May, according to GBAR.  The Boston area does not have nearly enough homes for sale to meet the demand and that’s putting extreme upward pressure on prices. The lack of housing supply is evident in the inventory data for June.  According to Realtor.com, in July 2020, the Boston market was a balanced real estate market, which means there was a healthy balance of buyers and sellers in the market.

Ideally, a buyer would prefer a sale to asking price ratio that’s closer to 90%. The sellers in Boston have managed to hold good leverage in these negotiations in the past month. On average, they could sell homes for 100% of the asking price. A seller would always prefer scenarios that can yield a ratio of 100% or higher. The median list price of homes in Boston, MA was $769K, trending up 2.7% year-over-year. The median listing price per square foot was $681. The median sale price was $679K.

Will The Boston Housing Market Collapse? — ATTOM did a study intended to identify the housing markets in the United States at the greatest risk of a real estate market collapse. They said the Northeast is the area most likely to be hard hit. They used factors like market affordability and the percentage of underwater homes. The Boston area was ranked as being at high risk but not as high of a risk as cities dependent on international trade or a local airport. This is due to Boston's diversified economic base. Furthermore, this makes the next twelve months a great time to buy in the Boston housing market, if you have the cash to do so.

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We will discuss the latest Austin real estate market trends & prices and find out how they can affect the investors and homebuyers in the latter half of 2020. Austin housing market has been impacted by the pandemic which led to a decline in home sales due to critically low levels of housing inventory. As sellers backed out amid growing uncertainly and health crises, the Greater Austin area continued to feel the stark effects of this crisis. After two months of sharp declines, home sales in the Austin-Round Rock MSA rebounded this June with a 9.3% increase year over year, which helped hold sales to only a 5.2% decline during the first half of 2020.

Despite being impacted by the COVID-19, the Austin housing market remains extremely competitive and tight across the five-county Metropolitan Statistical Area, according to the data released by ABoR. The total sales dollar volume in the Greater Austin housing market (five-county MSA) experienced a double-digit y-o-y increase of 13.1%, which amounted to $1,674,070,282. In the first half of 2020, homes sales in the Austin-Round Rock MSA declined 5.2% year over year to 17,043 home sales.

Sales dollar volume declined 1.9% to $6,897,765,107, while the median price increased 4.9% to $325,200. So far this year, new listings declined 7.5% to 22,744 new listings; active listings dropped 19.2% to 5,616 listings. However, pending sales slightly increased by 2% to 20,389 pending sales. The complete “AUSTIN HOUSING MARKET REPORT” is given below. 

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