The residential real estate market has continued to slow gradually, due mostly to rising interest rates and prices.
This week, Freddie Mac reports that interest rates for 30-year home loans rose to 4.9%. That is up .19% from just last week.
While still a seller’s market, available resale inventory in the greater Phoenix area continues to increase, and price appreciation has either paused or moderated.
The strongest selling season is right around the corner.
Our seller's market is still here and being driven by the ongoing short supply of inventory.
It would be great to have a REAL ESTATE CRYSTAL BALL, especially now.
Our higher-end cities are finally experiencing strong growth
In the current, greater Phoenix residential real estate market, we have seen a slight increase in available homes due to our normal seasonal decrease in buyers.
Driven mostly by a decrease in active shoppers, typically each year we see a summer-seasonal drop in home-buying activity across Phoenix.
Residential inventory is still very tight, especially for homes under $200,000.