Last month, we posted a TON of content. It seems like every single day, there’s something to report. Today on LUXE BLOG, we begin November 2023 with an update on rising inventory in Greater Phoenix. And while far below 2005, Greater Phoenix’s inventory has increased at its second fastest pace in history.
The significant uptick in inventory suggests a dynamic shift in the market. As we all know, rates are high. And they’re having an effect.
Looking deeper into market analytics, a conspicuous drop in demand appears to be at play, affecting the market’s overall vitality.
The lower demand, paired with increased mortgage rates, is impacting the purchasing power and choices of potential home buyers.
Mortgage rates undeniably hold immense sway over the market’s direction, and their recent fluctuations have been quite telling.
The rate shifts create an atmosphere of uncertainty, emphasizing the need for buyers and investors to stay attuned to the market.
To grasp the market’s trajectory better, the Cromford Market Index offers essential insights that paint a clearer picture of the ongoing trends.
The index illustrates a market in motion, where various cities within the Greater Phoenix area are experiencing different shifts, contributing to the rich tapestry of the region’s real estate saga.
Analyzing the market on a city-by-city basis reveals nuanced changes that contribute to the broader picture of the Greater Phoenix area.
This granular view enables a more refined understanding, allowing for strategies to be tailored to each city’s specific market.
The Arizona real estate market is multifaceted. Various elements like inventory, demand, mortgage rates, and specific city trends dictate its motion. Here on LUXE BLOG we discuss all kinds of content. And as a boutique real estate brokerage, we help our clients achieve opportunities. If you enjoyed this latest info, we welcome you back! Thanks for reading.