Increased mortgage rates have sidelined many would-be buyers, allowing inventory levels to increase. As a result, buyers can now “shop around” more than during the peak of the pandemic, putting the burden of concessions back on sellers.

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.    

Arizona had only three million-dollar cities in July of last year. However, that amount has decreased to two in the past six months.

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.

As rising mortgage rates cool the market, the share of U.S. homes worth at least $1 million has fallen from an all-time high last year.

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

People staying in their homes longer is contributing to the lack of inventory that continues to impact buyers.

Thirty-seven communities across the country made CoworkingCafe’s list of top coworking suburbs, including one in Arizona.

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.

Phoenix is one of the most popular places to move to — or, at least the most popular places to think about moving to, according to a new analysis from Redfin.

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.