The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

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.

The pace of new multifamily construction, however, jumped, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  

Opendoor examined MLS data in areas where it has brokerages and ranked ZIP code 85138 in Maricopa No. 17 in the nation.