The price index dropped in Phoenix, too, declining 0.12% from June to July. Year over year, the Phoenix home price index is up 13.51%.

Sales of new homes in the U.S. jumped 28.8% between July and August, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  

The median single-family home price in the Phoenix metro area in 2011 was $115,500. Ten years later, it was $415,400, nearly a 260% increase.

The median existing-home price for all housing types in August was $389,500, a 7.7% rise from the year before. 

New-home construction posted a 12.2% month-over-month increase in August, thanks in large part to a significant jump in multifamily building.  

A continuing combination of increased interest rates, supply-chain disruptions and high home prices has sapped homebuilder sentiment every month this year. 

Norada cited the relatively lower cost of living and housing in the Phoenix area, attracting people from higher-cost cities such as Los Angeles and Seattle.

Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. 

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.