As more owners continue to hang onto their houses, home values locally and across the nation have reached a new peak, but it comes at a cost.

A majority of the most expensive new listings added to the Arizona Regional Multiple Listing Service in the past month are located in Scottsdale and Paradise Valley.

Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said. 

It takes the average Phoenix resident 11 years to save up for a 10% down payment on a home, according to a recent Axios analysis.

Despite the fact that migration into Phoenix has slowed this year amid ultra-high mortgage rates, the metro still garners more out-of-town relocators than any other city in the country.

Arizona had an average price per square foot of $252. 

Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

Scottsdale is one of the top cities for affordably priced apartments in thriving communities, according to a new report from RentCafe.

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

For the typical U.S. flipped home during the first quarter, gross profits only amounted to $56,000, down 20% from the fourth quarter of 2022. That’s not including any renovation costs.

At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

Motivations for homeownership are varied across generations: Gen Z and Boomers made the decision for better living conditions, while Gen X and Millennials were in search of stability they couldn’t get while renting.

“Paint is a relatively affordable and easy change, yet it has an outsized impact on a buyer’s perception of the home,” said Amanda Pendleton, home trends expert at Zillow.

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

There are nearly 40% fewer homes for sale now than before the pandemic began