Current Market Data
That wasn’t the only good news as the end of the month neared.
If inflation continues to cool, the historic slowdown could ease.
The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000.
From January through October of this year, the Maricopa County ZIP code had a median home sale price of $2.9 million.
The median existing-home price rose for the 128th month in a row, extending its record-breaking streak of increases.
Housing inventory in the Phoenix area grew 136.6% in October, compared to the same month last year.
Mid-week price cuts offer the most bargains in today’s market.
The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes.
The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said.
The 100 most populous cities in the U.S. were ranked in several categories, including affordability, schools, safety, recreation opportunities and other socio-economic factors.
Phoenix, Atlanta, Tampa and Miami saw double-digit consumer price index percentage growth year over year.
It’s not the only metric decelerating in today’s market. Inflation is also starting to slow which is helping bring down mortgage rates.
From dropping home prices, increased inventory and homes staying on the market longer, today’s buyers should look at the upside to what the market means for their prospects.
Homebuyer demand is starting to stabilize as October home sales posted the largest decline since 2015, according to a new report.
The 44th edition of the in-depth forecast report examined 80 cities to determine trends in the real estate industry for 2023.
The median age of inventory in Phoenix is 54 days, up from 42 before the pandemic began.