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Real Estate Snapshot Update For The Phoenix Market

Buyers Update: Last month, supply was 80% higher than last year. Now, it’s only 3.7% higher and expected to drop further. New listings don’t replace sold properties, leading to a decline of 151 listings per week. The slower decline is due to weakened demand from a sudden mortgage rate increase. Conventional rates are around 6.9%. FHA buyers benefit as investors decrease, with loan amounts up to $530K and lower premiums. Sellers cover closing costs, making monthly payments attractive. Lenders offer assistance programs and 1% down loans for first-time buyers.

Sellers Update: Despite higher mortgage rates, prices rise in Greater Phoenix, with a 5% recovery since December. Most cities are seller’s markets, except Ca Grande. Market correction completes as outlying areas shift, following interior cities. Sellers still contribute to closing costs and rate reductions.

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