Today we want to update you on the latest real estate market news. Here are the changes we’ve seen in the past month compared to what we saw at this time last year:

• There are currently 13,810 active listings. That's a 10% increase compared to last year’s 12,541.

• 12,217 new homes have come on the market. That's a 15.5% increase compared to last year’s 10,570.

• 8,726 homes were sold. That’s a 9.8% decrease compared to last year’s 9,667.

• Months of inventory is up to 1.58 months from 1.3 months last year. That's a 21.5% increase.

We’re still in a seller's market. However, we’re starting to see price adjustments for the first time in a while. Some sellers are reducing their prices to get their property sold if they don’t go under contract within the first two to three weeks. It’s still a good time to buy. Rates are still under 6%, which is historically low, but are still expected to rise. If you have any questions, give me a call at (602) 738-9943. I look forward to hearing from you.