In Phoenix, 26.4% of Redfin offers faced competition in August

Sales of new homes in the U.S. jumped 28.8% between July and August, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  

Phoenix had one of the highest ratios of people moving in vs. those moving out during the first half of the year, a recent analysis found. 

The median single-family home price in the Phoenix metro area in 2011 was $115,500. Ten years later, it was $415,400, nearly a 260% increase.

The median existing-home price for all housing types in August was $389,500, a 7.7% rise from the year before. 

The NAR’s Community Aid and Real Estate (CARE) Report shows that REALTOR® associations donated a median of $12,070 this past year, a 20% increase over 2020.

New-home construction posted a 12.2% month-over-month increase in August, thanks in large part to a significant jump in multifamily building.  

More than 20,600 homes were on the market in August, compared to 8,700 during the same month in 2021.

A continuing combination of increased interest rates, supply-chain disruptions and high home prices has sapped homebuilder sentiment every month this year. 

The housing market is starting to become more balanced.

Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. 

Modern homes are still the most popular interior design style, according to a new study from Confused.com, a financial services comparison website based in the U.K.

Mortgage applications, pending sales, new listings and overall inventory saw large declines in August.

Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

Buyers who are still in the game are finally getting a break from bidding wars

The percentage increase in Phoenix was second-highest in the nation, behind only Oakland, California.