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Housing Market Updates • October 5, 2023

Oct. Housing Market Update

by Paula Rosentreter

Headlines in the residential real estate market across metropolitan Phoenix are similar to last month. It is currently a seller’s market across the valley except for five areas on the outskirts, which have moved to balanced markets: Buckeye, Goodyear, Maricopa, Queen Creek, and Casa Grande. 

Inventory Rose Slightly

Inventory of homes for sale rose slightly in September, mostly due to declining demand rather than more homes being listed for sale. Homes are on the market slightly longer, but supply is still 47% below normal for this time of year.

Now May be the Right Time to Buy

Mortgage rates continue to sideline some buyers with demand 25% below normal for this time of year. However, buyers have less competition for homes right now so it may very well be the right time to buy. Keep in mind that interest rates are likely building pent-up demand that may eventually bring us back to a time where multiple offers and sales above asking price are the norm. In addition to negotiating for the seller to buy down a buyer’s interest rate for the first 2-3 year of a loan, lenders may also contribute toward that (in addition to no-cost refinancing) to earn the business.

Rental Inventory Continues to Rise

The supply of long-term rental properties (excluding vacation rentals) continues to rise, which has led to a stabilization of rental rates. This increased inventory is coming from both build-to-rent properties hitting the market and previous short-term rentals since our market is oversaturated in that area. Eventually, we expect a portion of these investment properties to move to the resale market.

Questions or More Info?

If you have questions or would like more information on a specific part of the valley, please don’t hesitate to reach out to me at 312-608-9041 or paula.rosentreter@azmoves.com

 

Source: The Cromford® Report

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