The Tax Foundation’s ​​2022 State Business Tax Climate Index ranked Arizona 23rd on its list. Wyoming was No. 1 and New Jersey was last.

The data illustrates the struggle for homebuyers trying to get a foot in the housing door in many of the country’s largest markets.

Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications. 

Seventy percent of the 185 metros surveyed by the National Association of REALTORS® saw double-digit price gains in the first quarter, compared to 66% in the preceding period. 

Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.

Within the 20-City Composite Home Price Index, Phoenix (32.9%), Tampa (32.6%) and Miami (29.7%) showed the biggest annual percentage growth. 

Low inventory and rising interest rates have reduced prospective homebuyer purchasing power. 

Rising interest rates and home prices have taken a toll on would-be homebuyers’ purchasing power, leading to increased inventory and another monthly slowdown in sales. 

Single-family home starts declined compared to February, while new apartment construction was up, according to government statistics.

Builder sentiment has taken a hit from an unexpectedly sharp increase in mortgage rates and continued disruptions in the supply chain, according to the National Association of Home Builders’ monthly survey. 

Investor activity showed early signs of slowing during Q4 of 2021, down from the historic highs seen in the second and third quarter, CoreLogic’s latest analysis reveals.

Our expectations and desires have shifted, with renters searching for more space — often at a higher price tag. But, according to a new study from RentCafe, the costs in Phoenix are somewhat average.

The decrease comes as interest rates continue to climb, according to the Mortgage Bankers Association. 

“Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale.” — National Association of REALTORS® chief economist Lawrence Yun  

Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.

What does the current generation of homebuyers and sellers look like? How old are they and how are they doing business? NAR has answers.