In the coming months, it will be important to watch how rising inventory and shifting buyer demand affect home prices in Metro Phoenix. In August 2024, sold listings dropped by 17%, signaling a cooling market despite a high-end sale of $32.4 Million in Paradise Valley. North Phoenix saw the average sales price rise to $1,192,529, […]
The landscape of real estate agent compensation has shifted dramatically due to a significant lawsuit against the National Association of Realtors® (NAR) and other major real estate agencies. The lawsuit challenged certain practices around agent commissions as unfair, leading to new rules that affect how agents are compensated when a property is sold. Understanding these […]
Phoenix, Arizona and its neighboring cities are experiencing an unprecedented surge in industrial development, establishing the region as a critical hub in the national industrial landscape. By the end of June 2024, nearly 40 million square feet of industrial space was under construction, with projects spread across both the West Valley and East Valley. This […]
The Scottsdale single-family home market in July 2024 showed a cooling trend compared to June. Sold home prices experienced a modest decline all the while properties sold slightly quicker, suggesting a more active market. The number of homes sold also dropped month over month. Additionally, the inventory of available homes decreased, which could lead to […]
The Metro Phoenix real estate market experienced a cooling period from June to July 2024. Home prices dropped significantly and had longer days on market which suggests more cautious buyers, and sellers having to settle for offers below the list price. Sold homes decreased; however, the available homes for sale increased significantly, providing a more […]
As the 2024 Presidential election approaches, many prospective homebuyers and sellers are curious about how this major event might impact their decisions. Understanding the historical trends and potential effects of presidential elections on the housing market can provide valuable insights for navigating these uncertain times. We’ll also explore some potential scenarios and their impact on […]
As the cost of living continues to soar, the need for affordable housing has reached a critical point. A new proposal offers hope by restricting rent increases to at most 5% annually. The plan, which calls on Congress to pass a law that would withdraw tax credits from landlords who exceed this limit, targets landlords […]
Given the 6% decrease in sold listings and the 18% increase in inventory, the Scottsdale housing market may face short term pressure on transaction volumes in the coming months. However, the significant 11% rise in the average sales price and the increase in the average price per square foot indicate strong market values. With mortgage […]
The Metro Phoenix housing market experienced a notable shift in the 2nd Quarter of 2024, as the number of sold listings decreased by 7% and inventory shifted significantly by 24%. Yet despite the decrease in transactions, the average sales price climbed by 3%. Given these numbers, we may continue to see pressure on transaction volumes […]
In a significant development for potential homebuyers, mortgage rates have recently seen a downward trend. This shift could bring positive news for the housing market in 2024. Today, the average 30-year fixed mortgage interest rate is 7.00%, marking a slight decrease of 0.02% compared to the previous week. On the other hand, the 15-year fixed […]
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