The latest edition of our Phoenix, Arizona May STAT, featuring crucial insights from Tom Ruff, is now available below.
Here is a quick break down: In the month of April, home supply grew seasonally abnormally by 0.6% but remains below normal levels. Buyers have 37% more homes to choose from than last year, yet demand is limited by 30-year mortgage rates over 7%. Positive signs include an 8.5% increase in under contract listings, though they are still down 6.3% year-over-year. Closed sales for April were higher than last year and last month, but this is skewed by more working days in April 2024. Adjusted for working days, closed sales per day are down 4.7%. Prices have risen, with the price per square foot up 10% and median sale price up 6% from last year, which, combined with high interest rates, limits demand. More buyers seek move-in-ready homes, benefiting new home sales and fix-and-flip investors. Despite high mortgage rates, the market holds steady, with the Cromford® Market Index slightly above the balanced zone. However, some areas like Maricopa and San Tan Valley favor buyers due to competition from new homes. The market remains sensitive to mortgage rate changes.
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