The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

Phoenix had the lowest rate of homebuyer competition in July.

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

Scottsdale was No. 68 nationally with an average monthly rent of $2,497.

The national rental vacancy rate dropped to 5.6% in the second quarter of the year while the homeowner vacancy rate remained at 0.8%.

Home prices were up 26.1% in Phoenix on a year-over-year basis, compared to 18.3% nationwide, CoreLogic reported, citing its Home Price Index. 

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun  

At the same time, the inventory of new homes for sale rose 10.7%, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.

Home prices in Phoenix experienced among the highest gains in the nation in May, jumping 29.7% from the previous year and far outpacing the national average, according to the S&P Corelogic Case-Shiller Index.