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.

Regionally, the pending-sales index fell 7.9% month over month in the Northeast, 6.6% in the Midwest, 2.3% in the South and 0.9% in the West. 

At the same time, the median sales price of a new house slid to $471,200 from $484,700 in October and $430,300 a year earlier, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

The month-over-month decline in sales came as prices rose for the 129th consecutive month, the National Association of REALTORS® said. 

New-home permits fell 11.2% month over month, while housing completions jumped 10.8% in what one observer said could have “worrisome” long-term consequences for the nation’s housing supply. 

Current real estate market conditions have not discouraged buyers from their plans of homeownership, according to a new survey from RE/MAX.

The 30-year fixed-rate inched to 6.42%, which is still close to the lowest rate in a month, the group said. 

Tempe ranked No. 79 overall and Tucson was No. 88. Both led the state with eight museums apiece.