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Homebuyer demand is starting to stabilize as October home sales posted the largest decline since 2015, according to a new report.
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The median age of inventory in Phoenix is 54 days, up from 42 before the pandemic began.
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September is the fourth month in a row to see declining sales activity.
A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate.
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Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.
At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association.
In Phoenix, home prices posted a 17.1% year-over-year gain in August, compared to a 22.4% gain in July. Month over month, prices fell 2.1.
The only other time the market saw such change was at the beginning of the pandemic.
