By the Numbers
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.
A shortage of existing-home inventory is driving more people to the market for newly built homes.
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.
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.
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.
More Phoenix renters were evicted from their homes in 2022 than in any year in the past decade.
In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report.
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.
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 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.
The pace of mortgage applications fell 7.7% in the week ended Feb. 10, the Mortgage Bankers Association reported.
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 30-year fixed rate fell for the fifth week in a row, giving a lift to lending activity, the Mortgage Bankers Association said.
Topping Stacker’s list of the most expensive Phoenix suburbs is Paradise Valley, where the typical home costs just under $3 million.