The 8.1% month-over-month increase in the National Association of REALTORS® Pending Home Sales Index was the largest gain since June 2020. 

The median sales price of a new home declined on both a monthly and yearly basis, however, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.        

“The first month of the year saw a rebalance in the real estate market,” said Butch Leiber, president of the Phoenix REALTORS® board.

The 30-year fixed-rate mortgage averaged 6.32% as of Feb. 16, up from 6.12% a week before and 3.92% a year earlier. 

The average size of new apartments across the country has decreased by 30 square feet year over year, according to a new report from RentCafe.

According to a new analysis from Zillow, there will still be competition for affordably-priced houses this homebuying season.

The pace of mortgage applications fell 7.7% in the week ended Feb. 10, the Mortgage Bankers Association reported. 

With the spring housing market just around the corner, homebuyers are getting more for their money as their mortgage payments are stretching further than they have in recent months.

Builder confidence rose for the second consecutive month in February with a seven-point increase that brought it to its highest level since last September, the National Association of Home Builders said. 

The Phoenix metro area ranks among the best cities in the country for multifamily investment in 2023, according to real estate investment company CONTI Capital.

Forty-eight percent of mortgaged homes were equity rich in the fourth quarter of last year.

The 30-year fixed rate fell for the fifth week in a row, giving a lift to lending activity, the Mortgage Bankers Association said. 

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.