I am often asked when is the best time of year to buy a home in Metro Phoenix.
For the years 2015 through 2018, the month with the lowest median purchase price is January. For each of these years the median purchase price was between five to nine percent higher in December than the preceding January. By the end of 2019 we will see a repeat of this pattern.
So, now may be a good time of the year to begin the home buying process. Based on information for the last few years, we are moving into the season when purchase prices are at their lowest of the year. Of course this information is based on sales of all single family resales in Maricopa County.
If mortgage rates continue to be as low in 2020 as they have been the last half of 2019, which is likely, this will mean many buyers will be competing for new listing inventory.
Maricopa projected population growth in 2020 is expected to be similar to the last few years. Maricopa County will lead all US counties in numeric population increase. The city of Phoenix will lead all cities in the nation for a numeric population increase.
Employers will continue to move operations to Maricopa County to fill jobs because of our population growth and people will continue moving here because of job opportunities. As previously mentioned, Mortgage rates are predicted to remain historically low, which means more purchasing power for buyers.