Of the homes that went under contract during the four weeks ended March 6, 58% had an accepted offer within the first two weeks of going on the market, and 45% had an accepted offer within just one week, Redfin reported.

Foreign buyers accounted for less than 2% of U.S. residential real estate transactions last year, and Russian buyers accounted for less than 1% of those, the National Association of REALTORS® reported. 

Other Arizona cities on the list include Glendale at No. 26, followed by Mesa (31), Phoenix (37), Tucson (41), Chandler (61) and Gilbert (65).

“Looking ahead, the potential for higher inflation amidst disruptions in oil and other commodity flows will likely lead to a period of volatility in rates.” — MBA associate vice president of economic and industry forecasting Joel Kan 

The median home sales price in Maricopa County hit $439,900 at the end of the year, a 27% increase year over year and more than double what it was in 2015, ARMLS reported.

Homeowner tenure has flattened since its 2020 peak.

Demand has been trending up since the beginning of the pandemic.

The pace of new home listings is gaining steam, a welcome development in the face of high demand from buyers, Redfin reported.

Spokane was No. 1, where 83.3% of offers written by Redfin agents faced a bidding war, followed by Sacramento, Seattle and Dallas.

“Given the situation in the market — mortgages, home costs and inventory — it would not be surprising to see a retreat in housing demand.” — NAR chief economist Lawrence Yun 

Redfin reported 32.4% of its users in January were looking to relocate, the highest percentage since it started tracking the data in 2017.

“Builders are entering 2022 with backlogs that they are having a hard time completing due to material and labor shortages, and new-home prices are sitting near a historic high.” — First American Deputy Chief Economist Odeta Kushi

While rising interest rates may lead to more reductions in the housing supply, it may also bring some much-needed balance to the market.

Mortgage applications fell more than 13% in the most-recent week tracked by the Mortgage Bankers Association’s Market Composite Index, while interest rates continued to rise. 

While listings dropped, sales still rose due to continued homebuyer demand.

“Production disruptions are so severe that many builders are waiting months to receive cabinets, garage doors, countertops and appliances.” — NAHB Chairman Jerry Konter