National News

Housing inventory rebounds at record rate in largest metros, and Phoenix is helping lead the way

Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas, Phoenix and Raleigh, N.C. 

Phoenix among cities with strongest price growth, according to new S&P CoreLogic Case-Shiller Index

The latest S&P CoreLogic Case-Shiller Index was released today. What does it show about Phoenix real estate?

Pending-home sales post surprise increase in May 

The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.

Surprise surge in new-home sales in May as median price falls 

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

Median existing-home price tops $400,000 for first time in May 

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Phoenix No. 2 nationally for iBuyer service home sales

Phoenix was second on the list with 1,232 iBuyer home sales in the first quarter, accounting for 5.2% of home sales in the market.

Phoenix home sales fall 10.1% year over year in May

Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.

Housing starts plunge in May amid uncertain economic conditions 

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

The Fed hikes interest rates 0.75% — what it means for real estate

The Federal Reserve raised interest rates by .75% today: the sharpest increase since 1994. How will that affect real estate?

Compass and Redfin announce layoffs

Two major real estate firms are cutting their workforces amid a cooling housing market. Compass and Redfin are laying off 10% and 8% of their current staffs, respectively.

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