Homebuyer demand is rising as mortgage rates continue to decline, according to a new Redfin report.

The projected year-over-year change in home sale transactions in the Phoenix-Mesa-Scottsdale region is -18.4%.

October’s 4.6% monthly drop follows a 10.2% decline in September, the National Association of REALTORS® reported. 

Housing prices were down in all 20 cities tracked by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

New-home sales rose 7.5% month over month, while the median price of a new house surged to $493,000 from $455,700 in September and $427,300 a year ago, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.   

The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000. 

Phoenix came in at No. 88 in this year’s 2023 World’s Best Cities Report, a comprehensive annual study by Resonance Consultancy.

In the wake of this new rule, FHA borrowers will have a choice between federal flood insurance and private flood insurance.

The brand will specialize in cottage-style homes with private backyards. 

From January through October of this year, the Maricopa County ZIP code had a median home sale price of $2.9 million. 

The median existing-home price rose for the 128th month in a row, extending its record-breaking streak of increases. 

Housing inventory in the Phoenix area grew 136.6% in October, compared to the same month last year.

The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes. 

The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said. 

The 100 most populous cities in the U.S. were ranked in several categories, including affordability, schools, safety, recreation opportunities and other socio-economic factors. 

The appointment was one of many leadership announcements the National Association of REALTORS® made at its annual convention in Orlando, Florida.