The recent developments in the real estate market have been a source of optimism for sellers, as indicated by the latest data on the Cromford® Market Index. This index, a key indicator of housing market trends, has shown an encouraging trend across 17 major cities. Over the past month, there has

The notable downward revisions in job data for October and November, which collectively reduced reported payroll figures by 71,000, have broader implications for the economy, particularly in the real estate sector. With 10 of the past 11 months showing a cumulative downward revision of 427,000 jo

In a report released on December 28th, the National Association of Realtors (NAR) revealed that pending home sales in November remained unchanged from October, marking stability in the market. However, these figures also indicated a 5.2% decline from November of the previous year. This data, cruc

The real estate market, as reflected in the Cromford® Market Index (CMI), presents a dynamic landscape across various cities. Over the last month, an average decline of 3.0% in the CMI for 17 major cities has been observed, marking a significant shift from the steeper 6.7% decline witnessed just a

Last Thursday marked a significant point for the average top-tier 30-year fixed mortgage rate, teetering on the brink of a seven-month low. This distinction, while noteworthy, is a matter of fine detail. Since then, the rates have exhibited only a marginal increase, so slight that it's more apt t

The real estate market has been witnessing a notable shift in the size of new single-family homes over the past several years. Data on new home sales, which pertains exclusively to single-family homes, reveals a striking trend: the average size of these new homes has been consistently decreasing.

The recent trend of declining mortgage rates in the U.S. housing market, specifically the 30-year fixed mortgage rate, has drawn significant attention. This rate fell notably from 7.92% on October 30 to 7.09% by December 1, a substantial decrease over a short period. Typically, lower mortgage rat

The housing market is witnessing a creative and practical trend, particularly among Gen Z and millennials, who are finding innovative ways to navigate through the challenges of high property prices and rising interest rates. This trend, known as "house hacking," involves renting out a part of one

Some global news to keep an eye on. The German housing construction sector is facing a significant crisis, as revealed by the latest economic data and expert analyses. Initially, Chancellor Olaf Scholz had ambitiously aimed to build 400,000 new homes annually. However, this goal now seems increas

The current state of the Phoenix Metro real estate market, as depicted by the Cromford® Market Index (CMI), indicates a concerning trend of weakening across various cities. The data, specifically focusing on 17 key cities, reveals an alarming average decline of 16.3% in the CMI, surpassing last w

A recent review of October's real estate records in Maricopa County gives us a clear picture of the housing market for last month. It looks like the number of houses sold has gone down a bit. To put it in simple terms, about 5,500 homes were sold, which is a slight drop compared to the same time l

In recent data provided by real estate site Redfin, prospective homebuyers would need a yearly income of $114,627 to acquire a median-priced home in the U.S. due to rising home prices and interest rates. This number soars higher for top-tier cities, with places like San Francisco and San Jose, Cali

The modern housing market is increasingly becoming an enigma, characterized by soaring mortgage rates, inflated prices, limited supply, and a perplexing amount of pent-up demand. This perplexity is taking its toll, deterring both potential buyers and sellers. The surge in prices was initially tri

I'd like to remind everyone of a topic that I touched upon just last month, emphasizing the significance of keeping a close watch on international housing markets. The global real estate landscape is more interconnected than many realize. Fluctuations in one major market, like China's, can create

Mortgage rates jumped yet again last week. And these escalating mortgage rates are not just numbers on paper; they translate to painfully higher monthly payments for homeowners. As these rates soar, the amount that potential buyers would have to allocate towards mortgage payments increases substa

Mortgage interest rates have ascended to their highest point since the early 2000s, a shift that has triggered a noticeable decrease in mortgage applications. To provide context, we're observing a 25.5% dip in applications compared to this time last year. When examined closely, the rate for the st

In a big step for our city, the City Council has all agreed on a new rule to control Short Term Rentals (STRs), like those you'd find on Airbnb. This important decision came after a lot of talk and thought. The goal is to find a good middle ground between allowing STRs and keeping our neighborhoo

August brought with it a range of economic data that can provide us with insights into the broader market, particularly in regions like Phoenix. The Consumer Price Index (CPI) of August revealed an inflation increase of 0.6%, aligning closely with most estimates. This sees the annual CPI rising f

Walmart's recent decision to reduce starting pay for new store employees comes at a time when incomes in Arizona are already out of line with soaring home prices, potentially making it even tougher for newer buyers to enter the housing market. This development has raised questions about the broade

In February, Zillow's housing economists predicted a modest 0.5% rise in nationwide U.S. home prices over the forthcoming year. Surpassing expectations, these nationwide prices not only escalated but also reached an unprecedented high. The primary driver behind this was a notably tight housing inve