Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

The percentage increase in Phoenix was second-highest in the nation, behind only Oakland, California.

The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

Off-market real estate app DropOffer is moving into six new markets, including Phoenix, Atlanta, Houston, Dallas, Charlotte and Tampa.

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

The brokerage’s new “communities” will provide its agents with specialized training, technology, coaching and referral opportunities. 

Sellers using Zillow may request and view an offer directly from Opendoor and compare it to an open-market sale with a real estate agent. 

The national rental vacancy rate dropped to 5.6% in the second quarter of the year while the homeowner vacancy rate remained at 0.8%.

The platform is led in part by Josh Altman of Million Dollar Listing fame and says it will economize time and save agents marketing dollars.

Home prices were up 26.1% in Phoenix on a year-over-year basis, compared to 18.3% nationwide, CoreLogic reported, citing its Home Price Index. 

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun  

At the same time, the inventory of new homes for sale rose 10.7%, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.