High mortgage rates and limited inventory continued to weigh on sales activity, National Association of REALTORS®Chief Economist Lawrence Yun said. 

Over 135,000 apartments could join the Phoenix housing market, according to the Q2 2023 Construction Pipeline report from Berkadia.

Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

All listings were posted to the Multiple Listing Service within the past month — and all four of the top listings are new construction.

Some places in the country have distinctly higher costs associated with the first year of homeownership.

Builders could, in theory, start building over 32,000 apartment units immediately: 363 vacant plots around the area are already zoned for multifamily construction.

The industry group issued its housing-market forecast along with its monthly Pending Home Sales Index for June. 

Arizona is one of the states with the highest proportion of new listings, according to a report from Los Feliz.

Back in 2018, Freddie Mac stated that the country still needed about 2.5 million extra homes in order to meet demand. Then the pandemic homebuying boom depleted already-low inventory levels and high mortgage rates in the second half of 2022 chained many homeowners to their existing low rates.

The median existing-home price for all housing types in June rose to $410,200, 0.9% less than the all-time high of $413,800 reached in June 2022, the National Association of REALTORS® said. 

Low inventory and high demand are buoying builder sentiment in the face of several headwinds. 

The drop in the pace of new-home construction follows a significant surge the month before, according to government statistics. 

A majority of the most expensive new listings added to the Arizona Regional Multiple Listing Service in the past month are located in Scottsdale and Paradise Valley.

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.