Arizona Real Estate Market Update – December 2023

Greater Phoenix has moved out of a seller’s market and into a balanced market, but it’s unclear how long this opportunity will last for buyers. December is typically the calm before the storm each year for the housing market, and this year is no different. New listings are at their lowest this month as many sellers opt to wait until January to list their home.

Arizona Real Estate Market Update – December 20232023-12-21T19:03:21+00:00

Arizona Real Estate Market Update – November 2023

Buyers who felt they lost out on the buyer’s market last year will be getting another chance this year. The Greater Phoenix housing market, on the whole, only has a few days left before it enters a balanced market. However, as 18 cities are still in seller’s markets, there are 11 that are either already in balance or in buyer’s markets.

Arizona Real Estate Market Update – November 20232023-12-21T19:04:17+00:00

Arizona Real Estate Market Update – October 2023

The 4th quarter is here, and this is the best time of year to be a buyer in Greater Phoenix! Inventory continues to rise, up 22% in 10 weeks to be exact, and price reductions typically peak in October and November. Most sellers listing in October are motivated to close on their homes before the end of the year, but few are more motivated than builders.

Arizona Real Estate Market Update – October 20232023-10-18T23:21:14+00:00

Arizona Real Estate Market Update – September 2023

It continues to be a sellers market across the greater Phoenix area. So far this year, sales prices have appreciated 6-7% over the past 8 months, with 12 fewer days on market compared to last year, and tighter negotiations within just 2% of the last list price on average. Sale prices are expected to continue rising mildly for the next 3 months.

Arizona Real Estate Market Update – September 20232023-10-18T23:21:02+00:00

Arizona Real Estate Market Update – August 2023

Not a lot of changes are happening in the housing market right now. It’s as if both buyers and sellers are in a holding pattern awaiting a sign before making a move. Conventional mortgage rates have held steady in the high 6% and low 7% range for nearly 3 months now with little signs of a decline yet.

Arizona Real Estate Market Update – August 20232023-08-30T23:28:07+00:00

Arizona Real Estate Market Update – April 2023

It’s been an eventful 4 weeks, again. Conventional rates dropped from their high of 7.1% on March 2nd to 6.1% by April 5th. Buyers entering the market in Phoenix today may be getting an unexpected shock if they’re looking for desperate sellers and rock bottom prices. Two more cities entered seller’s markets this month, Surprise and Goodyear. Now 14 out of the 17 biggest cities are favoring sellers.

Arizona Real Estate Market Update – April 20232023-08-30T23:17:28+00:00

Arizona Real Estate Market Update – March 2023

Rates defied industry predictions once again and rose over a point from 5.99% to 7.1% between February 2nd and March 2nd. For the past 4 weeks, rates have hovered in the upper 6% range, figuratively “pinching the hose” on demand during the popular Spring season for buyers. At 9,001, contracts are at their 4th lowest count since 2005, the lowest counts were in 2006-2008 and normal range is 11,000-13,000.

Arizona Real Estate Market Update – March 20232023-08-30T23:17:38+00:00
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