Active Listing Counts:
On March 18th there were 8,364 Homes for sale (this does not include homes considered “active” due to taking back-up offers).
On March 23rd, one week later, there were 9,635 active listings, an increase of 13%. This increase was mainly due to buyer cancellations of homes under contract.
Comparing the Week of March 11th-18th to March 18th-25th:
Closings: 2,365 vs 1,940, a 22% decrease.
Pending Sales: 1,088 vs 992, a 9% decrease.
Cancelled Sales: 918 vs 1,172, a 28 percent increase.
The conclusion at this point is that there has been a small but noticeable impact on the Housing Market in Maricopa County (including Phoenix and Scottsdale, Arizona) caused by the Coronavirus and Economic shock. However, it’s worth noting that pending and closed sales far outweigh the increase in cancellations. There remains a strong demand for housing.
Lenders are making adjustments to the economic news: Minimum loan qualification credit scores for FHA loan has increased 40-80 points. Lenders have reduced self-employed income by 25% for qualification purposes.