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Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas, Phoenix and Raleigh, N.C.
The latest S&P CoreLogic Case-Shiller Index was released today. What does it show about Phoenix real estate?
The biggest influx of new residents to Arizona comes from California. More than 17% of people leaving the Golden State relocate to Arizona.
The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.
New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®.
Phoenix was second on the list with 1,232 iBuyer home sales in the first quarter, accounting for 5.2% of home sales in the market.
Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.
Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.
New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.