U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts. 

The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

One of the best ways sellers can make their home stand out in today’s market is by upgrading their space with luxury renovations and amenities.

Condominium owners looking for more space, access to outdoor areas and increased distance from neighbors often consider a detached home to be a natural upgrade. But are these upsizing dreams actually attainable?

The National Association of REALTORS® Pending Home Sales Index rose for the third month in a row, suggesting the housing market’s contraction could be “coming to an end.” 

In Phoenix, home prices were flat year-over-year in January; month over month, they were down 1.2%. 

The supply of new homes for sale ticked lower from February, according to government figures.

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

Nationally, the week of April 16-22 is likely to provide sellers with the most favorable conditions for a successful sale of any week of the year, although the exact timing varies widely by market. 

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

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.