Read today’s top story: NAR issues cease and desist to Phoenix REALTORS® over MLS Choice

Trends

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Home sales decline as buyers await lower mortgage rates, new NAR rules, election outcome

While the average monthly housing payment in the U.S. fell to its lowest level since the start of the year, it isn’t improving sales, as potential buyers are holding out for lower mortgage rates.
CoreLogic: Home-price gains slowed again in July 

Specifically, prices rose 4.3% annually after growing by 4.7% in June. 
New-home sales jump in July 

July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000. 
Existing-home sales end 4 months of declines in July 

The pace of home sales increased 1.3% from June after months of decreases, the National Association of REALTORS® said.      
Phoenix housing market shifts to balance, sellers no longer at an advantage

Competition in the housing market is expected to reignite as falling mortgage rates breathe new life into buyers, according to Zillow’s latest report. 
Housing inventory reaches post-pandemic high as market continues to balance

The combination of rising inventory and price reductions in Phoenix and nationwide is creating a more buyer-friendly market.
Pending home sales regain upward momentum in June 

The National Association of REALTORS® said its Pending Home Sales Index rose 4.8% month over month. 
The most popular ways to upgrade a home in 2024 — without a huge demolition

There are plenty of ways to upgrade a home without knocking down walls or hiring a whole construction crew.
Scottsdale is the No. 6 most affordable city in the U.S. for remote workers

Scottsdale is one of the most affordable cities in the country for people who work from home, according to a report from CoworkingCafe.
Surprise and Gilbert are two of the best U.S. cities for first-time homebuyers

Surprise and Gilbert both rank in the top 10 when it comes to the best cities for first-time homebuyers, according to a report from WalletHub.
Falling mortgage rates, increased supply create opportunities for homebuyers

Homebuyers are finally gaining some purchasing power now that mortgage rates have dropped to their lowest level since March, and home supply is rising.
Most American homeowners crave privacy from their neighbors

Despite spending more time than ever at home, more than half of Americans admit to hiding from their neighbors, according to a survey from Top Rail Fence.
Arizona is the top state for house flippers

Arizona is the No. 1 state in the country for house-flipping, according to a report from Highland Cabinetry.
Houzz: The top outdoor home trends for 2024

Summer is underway, and many homeowners are looking for ways to upgrade their outdoor spaces so they can enjoy the heat in style.
The 10 most expensive new listings in Arizona

Two new-construction homes in Paradise Valley top the list of the 10 most expensive new listings in Arizona.
Arizona has some of the lowest energy costs in the country

Arizona ranks as one of the U.S. states with the lowest overall energy costs, meaning major savings for Arizonans.

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