The real estate resale market is currently experiencing a slight downturn, as evidenced by an increase in available inventory coupled with a persistent lack of buyer interest. A critical tool for gauging this trend is the contract ratio, which offers a comparison between the number of active list

Last week, mortgage interest rates experienced a decline for the third consecutive week, which led to a surge in refinancing activity. Despite this decrease, the response from homebuyers remained tepid. According to data from the Mortgage Bankers Association’s seasonally adjusted index, the total

If you’re in the market for a home in Phoenix, many of the properties you see will likely be new builds. In the first quarter of this year, about 33.4% of single-family homes available for sale were newly built, nearly double the pre-pandemic levels. This trend is not necessarily due to an increa

Once again, we are seeing small signs of improvement in the market for sellers in certain sub-markets. This trend is particularly evident in the changes observed in the Cromford® Market Index (CMI). Over the past month, the average change in CMI is +1.8%, slightly up from +1.7% last week. This gr

Over the past four days, the ARMLS database has recorded a significant milestone in the real estate market, with the monthly average price per square foot for closed listings across all areas and types surpassing $308, setting a new record at $308.01. This achievement not only marks a historic hi

The real estate market has recently witnessed a substantial number of price reductions, with almost 9,000 price cuts observed over the last four weeks. This is a rate not seen since January of the previous year. This sudden surge in price reductions is reminiscent of the period between June and

In recent market analyses, there has been a significant observation concerning real estate pricing: the average price per square foot across various regions and property types has once again surpassed the $300 mark. This resurgence in pricing is an important indicator of the current market dynami

Over the past month, the real estate market dynamics, as measured by the Cromford® Market Index (CMI), have seen a subtle yet noticeable shift. The average change in the CMI across various locations has increased by +0.3%, a modest rise from the previous week’s stagnant zero percent change. This

Reflecting on the housing market landscape from a decade and a half ago, the conversation was predominantly centered around foreclosures, a stark contrast to the current scenario where months can pass without the topic even arising. This significant shift highlights how the dynamics of the housin

The housing market, particularly in the resale segment, has experienced a noticeable decrease in transaction volumes over several months, highlighting a trend of stagnation within this part of the industry. Conversely, the market for new homes tells a strikingly different story, one of growth and

In the recent assessment of the real estate market dynamics, a subtle yet noticeable shift has occurred, marking a slight deterioration for sellers compared to the previous week. This trend is reflected in the average change in the Cromford® Market Index (CMI) over the last month, which registere

The landscape of housing affordability in the United States has evolved dramatically, influenced by factors beyond just high mortgage rates. A few years back, an average household earning $59,000 annually could easily secure a mortgage, ensuring their housing costs didn't exceed 30% of their mont

The ultra-luxury home market is currently experiencing an unprecedented phenomenon that defies the norms of real estate trends. Within the past year, specifically comparing February 2023 to February 2024, there has been a remarkable surge in the average price per square foot for homes valued at

The dynamics of the housing market in Maricopa and Pinal Counties exhibit a clear trend favoring new home sales over re-sales. In January, the number of new homes sold across these regions underscored the robustness of the new home market. A total of 1,507 new homes were closed, marking a signifi

As we embarked on the new year, there was a prevailing optimism that sales volumes would experience a turnaround and start an upward trajectory, particularly with the advent of the Spring season, traditionally a robust period for sales. However, this anticipated rebound has not materialized as ho

In the current real estate landscape, the number of listings under contract presents a somewhat discouraging picture, with only 8,182 listings reaching this stage after the first seven weeks of the year. This figure falls short when compared to the same timeframe in previous years, with 8,877 lis

Reflecting on the latest trends in the real estate market, it's interesting to see a slight increase in the percentage of the list price that sellers are achieving with the contract price, which has risen from 96.61% to 97.58% since last year. This uptick, albeit modest, signals a shift towards a

The recent ascent of 30-year fixed mortgage rates above 7% highlights the ongoing volatility in the housing market, spurred by unexpected strength in economic reports. This trend, featuring a momentary spike to 8%, underscores the intricate relationship between Federal Reserve actions, the 10-yea

  Senator Elizabeth Warren, together with three colleagues, has reached out to Federal Reserve Chairman Jerome Powell with a request to consider lowering interest rates at the next Fed meeting to make housing more accessible and affordable. Their letter underscores the critical impact of the Fed's

In recent weeks, several cities have witnessed a significant increase in their contract ratios for single-family detached homes. This ratio is a key indicator of market demand versus supply, and a rise suggests an uptick in demand. The cities of Apache Junction, Anthem, Arizona City, Gilbert, Sun