Hey LUXE BLOG readers! We’re back with another round of updates on the Greater Phoenix real estate market. Today, we’re unpacking the latest stats and critical insights that are shaping the housing landscape. With the Cromford Report’s latest stats and other key indicators, let’s see how things are going!
Let’s kick things off with some numbers. The Cromford Market Index (CMI) is an indispensable tool that outlines supply and demand in the market.
These figures indicate that despite the seller’s market leanings, there’s a downward trend in motion. If this persists, we could be looking at a more balanced market, or even a buyer’s market, in the near future.
Different cities in the Greater Phoenix area are experiencing unique trends.
While most cities still favor sellers, places like Queen Creek, Maricopa, and Goodyear are nearing a balanced market. Chandler, once a robust seller’s market, has seen a significant dip in its CMI. So, if you’re a seller in Chandler, it’s time to strategize!
Economic conditions are affecting home affordability, and mortgage rates are at the forefront.
Higher mortgage rates are a critical factor for both buyers and sellers. For buyers, it impacts affordability. For sellers, it could mean fewer offers and potential price adjustments.
Lastly, keep an eye on upcoming economic news.
With the Fed not hiking the interest rate and a strong jobs report, the market is reacting. These factors could potentially influence mortgage rates further and thus the demand for homes.
We here at WLH hope you enjoyed this snapshot of the Greater Phoenix real estate market. Whether you’re looking to buy, sell, or invest, keeping tabs on these variables can equip you to make smarter decisions. Stay tuned to LUXE BLOG for more updates!