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. 

Compass revealed big losses — to the tune of $100 million — in its second quarter report. And as a result, the firm will no longer offer equity or cash incentives to new agents.

Courtney Cates is joining the Southwest-Litchfield office of Coldwell Banker Realty Arizona as an affiliate agent.

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. 

Phoenix had the lowest rate of homebuyer competition in July.

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. 

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

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. 

Scottsdale was No. 68 nationally with an average monthly rent of $2,497.

The new, 2,000-square-foot space at the Safari Drive luxury condo building is expected to be ready by the end of the year.

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 30-year fixed-rate mortgage averaged 4.99% as of Aug. 4: down 0.8% from last week. The news marks the first time since April that mortgage rates have dipped below 5%.

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