{"id":3268,"date":"2022-06-22T22:15:27","date_gmt":"2022-06-22T22:15:27","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/06\/22\/phoenix-rising-in-inventory-institutional-investors\/"},"modified":"2025-03-13T02:44:15","modified_gmt":"2025-03-13T02:44:15","slug":"phoenix-rising-in-inventory-institutional-investors","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/06\/22\/phoenix-rising-in-inventory-institutional-investors\/","title":{"rendered":"Phoenix rising in inventory, institutional investors"},"content":{"rendered":"\n<p>They say, \u201cAs California goes, so goes the nation,\u201d but when it comes to 21<sup>st<\/sup> Century U.S. real estate, perhaps the bellwether is Phoenix.<\/p>\n\n\n\n<p>The Arizona metropolis was <a href=\"https:\/\/arizonarealestatenotebook.com\/the-history-of-the-great-real-estate-bust-in-phoenix\/\">ground zero for the housing bubble<\/a> and the <a href=\"https:\/\/www.npr.org\/2018\/04\/16\/602971657\/how-phoenixs-real-estate-market-is-fairing-10-years-after-housing-crisis\">subsequent foreclosure crisis<\/a> \u2014&nbsp;after which institutional investors began <a href=\"https:\/\/www.bizjournals.com\/phoenix\/blog\/business\/2013\/07\/institutional-investors-a-growing.html\">gobbling up distressed properties<\/a> there. More recently, Phoenix <a href=\"https:\/\/preprod.housingwire.com\/articles\/inside-zillows-misadventures-in-ibuying\/\">was the hub of iBuying<\/a> and the <a href=\"https:\/\/time.com\/6170497\/phoenix-fastest-growing-home-prices\/\">fastest rising<\/a> <a href=\"https:\/\/preprod.housingwire.com\/articles\/home-prices-skyrocketed-in-december\/\">home prices<\/a> in the country. &nbsp;<\/p>\n\n\n\n<p>Today in the Valley of the Sun? Inventory is shooting up \u2014&nbsp;as are the number of cash buyers.<\/p>\n\n\n\n<p>The <strong>Arizona Regional Multiple Listings Services<\/strong> and <strong>Information Markets<\/strong>, a company wholly owned by the Arizona MLS, shared with RealTrends a treasure trove of data on a market that has rapidly shifted in the past few months amid the 30-year mortgage interest rate <a href=\"https:\/\/preprod.housingwire.com\/articles\/how-mortgage-lenders-are-navigating-life-at-6%EF%BF%BC\/\">almost doubling<\/a>, perpetually rising consumer prices and public markets spooked by the possibility of a recession.<\/p>\n\n\n\n<p>The number of active listings on this MLS \u2014 which includes Phoenix plus a half-dozen surrounding cities such as Scottsdale and Tempe \u2014\u00a0has climbed 149% in the past four months. As of June 20, the number of homes marketed on the MLS was 12,539 compared to 5,022 on Feb. 7.<\/p>\n\n\n\n<p>Listings have shot up dramatically while the overall number of home sales has declined gradually. The total number of homes under contract slipped 18% to 9,898 as of June 20.<\/p>\n\n\n\n<p>And, for the month of May, sales of homes in the Greater Phoenix area declined 5.1% month-over-month and 9.3% year-over-year to 8,278 homes.<\/p>\n\n\n\n<p>\u201cWe\u2019re still in a seller\u2019s market, but the change has been dramatic and swift,\u201d said Chey Tor, an agent at <strong>RE\/MAX Ascend Realty<\/strong> in Scottsdale, Arizona. \u201cIf this trend continues, we will be in a true buyer\u2019s market by the end of summer.\u201d<\/p>\n\n\n\n<p>A major caveat to that, though, is price. Average new list prices continue to skyrocket \u2014 up 24% to $647,500 in May 2022. Actual sales prices are not escalating as fast as they were during parts of 2021. However, they climbed 17% year-over-year in May to $589,100. &nbsp;<\/p>\n\n\n\n<p>The <strong>Federal Reserve<\/strong>, of course, is trying to fight this inflation, raising the recommended overnight lending rate between banks 3\/4<sup>th<\/sup> of a percent last week. The move may raise the yield on mortgage bonds, and subsequently mortgage interest rates, which are already hovering near 6%.<\/p>\n\n\n\n<p>But Tom Ruff, the president of Information Markets, sees other market factors beyond the economy writ large.<\/p>\n\n\n\n<p>One is the number of institutional investors, companies including <strong>Pretium<\/strong> <strong>Partners<\/strong>, <strong>Roofstock<\/strong> and <strong>Invitation Homes<\/strong>, which made up 7.5% of all Greater Phoenix area purchases in May, according to a review of Maricopa County records.<\/p>\n\n\n\n<p>These buyers, Ruff said, buy homes below the median sales price, hold onto the abodes and rent them out, in turn raising Phoenix\u2019s price floor. Put another way, corporate landlords made almost 15% of all purchases for less than the $589,100 May median sales price.<\/p>\n\n\n\n<p>\u201cI\u2019m concerned about the effect institutional investors have on affordability,\u201d Ruff said.<\/p>\n\n\n\n<p>Not included in these institutional investors are what Ruff terms \u201cfix n\u2019 flip\u201d companies, including iBuyers\u2019 <strong>Opendoor<\/strong> and <strong>Offerpad<\/strong>, which made up 6.6% of the May sales market. Instant homebuyers have an outsized influence in the Valley of the Sun. Opendoor has one of their three office hubs in Phoenix and Offerpad is based in nearby Chandler.<\/p>\n\n\n\n<p>Counting iBuyers and institutional investors, cash buys made up 33% of the Greater Phoenix market this May, compared to 28% last May.<\/p>\n\n\n\n<p>The Phoenix numbers come as U.S. home sales declined both month-over-month and year-over-year, <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/existing-home-sales-fall-for-4th-consecutive-month\/#:~:text=While%20the%20median%20existing%20home,price%20was%20greater%20than%20%24400%2C000.\">according to<\/a> the <strong>National Association of Realtors<\/strong>. Lawrence Yun, chief economist at NAR, sounded a note of optimism Tuesday, saying the slowdown may be less reason to panic than a sign of normalization.<\/p>\n\n\n\n<p>\u201cHome sales have essentially returned to the levels seen in 2019,\u201d Yun <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/existing-home-sales-fall-for-4th-consecutive-month\/#:~:text=While%20the%20median%20existing%20home,price%20was%20greater%20than%20%24400%2C000.\" target=\"_blank\" rel=\"noreferrer noopener\">said<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inventory is way up in Phoenix, but prices also continue to climb. Are buyers being shut out?<\/p>\n","protected":false},"author":16592,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[736],"class_list":["post-3268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Phoenix rising in inventory, institutional investors - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Inventory is up but prices keep climbing in Phoenix, which has become something of a U.S. real estate bellwether. 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