Multigenerational homes are defined by NAR as homes where families live under the same roof with grandparents, adult children or other extended family members.

Topping Stacker’s list of the most expensive Phoenix suburbs is Paradise Valley, where the typical home costs just under $3 million.

Homebuyers can now afford $400,000 homes with $2,500 monthly budgets for the first time in four months, according to a new report from Redfin.

Based on current vacancy rates, John Burns Real Estate Consulting concluded that Phoenix is one of the most undersupplied markets in the country.

Homebuyers are returning, but sellers still aren’t filling the need as inventory remains low.

Homebuyer demand is rising, as mortgage applications rose 28% since November, and more prospective buyers are scheduling home tours.

The median sales price of a new home was down on a monthly basis but up on an annual one. 

House prices, however, continued to rise, marking the 130th consecutive month for price gains, the longest streak on record, the National Association of REALTORS® said.   

More buyers have entered the market in the past four weeks as mortgage rates fell.

Maricopa County residential real estate saw higher prices and interest rates, more inventory and fewer transactions in 2022.

The increase in builder confidence breaks a string of 12 straight monthly declines in the NAHB/Wells Fargo Housing Market Index. 

Arizona had one of the highest net migrations in the country in 2022, according to a new report from North American Moving Services. 

Redfin attributes the drop to the record high mortgage rates, recession concerns, record low inventory, extreme winter weather and the holiday slowdown. 

Phoenix had the biggest jump in concessions.

Geographically, the largest home-price increases took place in the Southeast, led by Florida (18%), South Carolina (13.9%) and Georgia (13.6%), CoreLogic reported, citing its November Home Price Insights report.    

Phoenix was named a top 25 U.S. metro area on the Financial Health Index, released this month by TheCreditReview.