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

Curious about luxury listings in the state of Arizona?

Homes affordable to middle-income buyers — defined as households earning up to $75,000 — fall in the $256,000-to-$320,000 range. But of the over one million U.S. homes on the market at the end of April, less than a quarter of all listings were within that price range.

Phoenix listings grew 28.7% from last year.

Phoenix’s build-to-rent boom began after the housing crisis of 2008. According to the Urban Institute, two-thirds of unoccupied homes were converted into rentals by investors during that time.

Phoenix is one of the markets with the largest year-over-year decreases in new listings, according to the latest RE/MAX National Housing Report.

A second consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index could indicate a reversal of the negative trend that began last year. 

The number of Phoenix sellers making concessions to buyers is up from last year.

Relatively low population, affordable rents and ample job opportunities give recent college grads a high quality of life in Phoenix.