By the Numbers

NAR: Existing-home sales jump in February, ending a year of declines 

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

Housing starts post major gains in February 

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

Local inventory continues to rebound, says Phoenix REALTORS®

Closings increased by 31.7% month over month, with 5,341 home sales completed in February. Additionally, the average sales price edged up from $539,617 to $544,906.

Builder confidence rises again in March 

Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.    

MBA: Mortgage applications rise 7.4% despite increased rates 

The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022. 

Evictions surpass pre-pandemic levels in Phoenix

More Phoenix renters were evicted from their homes in 2022 than in any year in the past decade.

CoreLogic: Home-price growth slides to June 2020 pace 

In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report. 

Pace of annual home-price gains slows in latest Case-Shiller; Phoenix sees 2.9% increase 

The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 5.8% year-over-year in December, compared to a 7.6% gain in November.

NAR: Pending-home sales jump in January 

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

New-home sales jump 7.2% in January 

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.        

NAR: Existing-home sales post 12th monthly decline in January, as prices rise again 

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. 

Average apartment size shrinks across the country but increases in Phoenix, Tucson

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.

Mortgage applications decline after rate increase 

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

Builder confidence jumps in February 

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. 

MBA: Mortgage applications jump on lower rates 

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

These Phoenix-area cities have the most expensive homes

Topping Stacker’s list of the most expensive Phoenix suburbs is Paradise Valley, where the typical home costs just under $3 million.

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