In the coming months, Scottsdale’s single-family home prices are expected to rise through November and December. Historical trends indicate that inventory may tighten further as the typical holiday slowdown in new listings takes effect, creating a potentially competitive landscape for year-end buyers. – Grant Van Dyke Scottsdale Average Sales Price: September 2024 > $1,562,534 vs […]
In the coming months, Metro Phoenix’s single-family home prices are projected to experience a modest increase, with inventory potentially tightening as holiday season listings typically slow. While mortgage rates currently average 6.88%, mortgage bankers expect gradual declines in the months ahead, which could offer some relief for buyers looking to enter the market. – Grant […]
Despite the Federal Reserve’s recent reduction of the federal funds rate by 50 basis points in September 2024, mortgage rates have unexpectedly risen. Here’s an expanded look at why mortgage rates have increased recently despite a federal funds rate cut. We’ll also delve into how the upcoming 2024 election, with its potential to influence economic […]
The 4% decrease in the number of sold listings indicates a cooling in transaction volume for Scottsdale’s housing market in our 3rd Quarter. However, the 12% rise in average sales price along with a 15% increase in inventory, suggests that home values continue to grow. Even still, buyers are coming off the sidelines. This dynamic […]
On Wednesday, September 18, 2024, the Federal Reserve took bold action by cutting its benchmark interest rate by 0.50%, lowering the federal funds rate to a target range of 4.75% to 5.0%. This larger-than-expected reduction marks a critical turning point in the Fed’s monetary policy, as the central bank seeks to address economic slowdowns while […]
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, […]
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 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 […]
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