The UBG BlogGreat info on life and real estate around the Valley
The residential real estate market has continued to slow gradually, due mostly to rising interest rates and prices. All activity, including “declining listings under contract”, “increasing days on market”, and a generally more discerning buyer, is the result of our market continuing to move toward a better balance between buyer and seller.
Let’s talk about interest rates. 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. Inventory as of October 3 stands at 16,819 versus 18,161 for last year, down 7.4%, but up 3.7% from 16,222 last month.
As predicted, our real estate market prices for the 2nd half of the year have stayed true to historical norms; fewer buyers during the summer, increasing slightly in the fall.
The seller’s market of Phoenix is being driven by the ongoing short supply of inventory. The increasing inventory numbers have resulted in a larger number of seller price reductions
United Brokers Group’s August 2018 Mid-Month Market Update
We previously indicated that the major factors impacting the growth of the greater Phoenix real estate market are largely rising interest rates and shrinking inventory, especially on the low end. We also noted that our normal summer slow down appeared to be on the...
Summer doesn’t mean that we have to stay home and avoid the heat. It does mean we can enjoy some cool Ahwatukee brunch spots and avoid the heat there.