Current Market Data

New-home construction falls 9.6% in July 

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. 

Homebuyer competition falls in Phoenix and nationally

Phoenix had the lowest rate of homebuyer competition in July.

NAHB: U.S. in a “housing recession,” single-family starts will decline in 2022 

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. 

Mortgage rates fall to four-month low as buyers return to market

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

Four Phoenix suburbs make list of nation’s highest rent communities

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

Rental and homeowner vacancy rates still near historic lows, Census data shows

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%.

CoreLogic: Phoenix home-price increases top national average in June 

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. 

After May bump, pending-home sales hit June dip 

“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  

June new-home sales drop 8.1% month over month

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.

S&P Corelogic Case-Shiller Index: Phoenix home prices rise 29.7% in May

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.

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