Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said. 

It takes the average Phoenix resident 11 years to save up for a 10% down payment on a home, according to a recent Axios analysis.

Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

For the typical U.S. flipped home during the first quarter, gross profits only amounted to $56,000, down 20% from the fourth quarter of 2022. That’s not including any renovation costs.

At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

Curious about luxury listings in the state of Arizona?

Phoenix is one of the markets with the largest year-over-year decreases in new listings, according to the latest RE/MAX National Housing Report.

A second consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index could indicate a reversal of the negative trend that began last year. 

Despite solid demand, a dearth of homes for sale kept transaction numbers muted in the association’s most recent report on pending sales. 

A shortage of existing inventory continues to drive buyers to new construction. 

Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported.