Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.  

At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association. 

Arizona is the fourth-most popular destination for international buyers looking to purchase a home in the United States.

In Phoenix, home prices posted a 17.1% year-over-year gain in August, compared to a 22.4% gain in July. Month over month, prices fell 2.1.

Home values are 25% above affordability norms, the worst it’s been in years, according to a new report from Zillow.

“After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers,” said RE/MAX President and CEO Nick Bailey.

The only other time the market saw such change was at the beginning of the pandemic. 

Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before. 

New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics. 

The median rent asking price in Phoenix in September was $2,043.

The report shows decreases in sales prices, as well as an overall increase in days on the market. While this could be due partially to high interest rates, Bailey says the shift in the market could open up opportunities for buyers who’ve had to put their plans on hold.

Phoenix led the way among large metros with 167.3% growth in active listings, followed by Raleigh, N.C., (166.1%) and Nashville (125.3%). 

Approximately 58% of homebuyers say they’d be willing to purchase a haunted house — and nearly 25% think they already have.

Single-family homes had a median sale price of $470,000 in September, down from $475,000 the previous month and from its peak of $510,000 in May.

The analysis found an increase in mortgage denials and in potential borrowers withdrawing mortgage applications in areas with an elevated risk of flooding.

The markets cooling fastest are many of the same places that saw the biggest spikes in home prices during the last three years.