Phoenix Continues Shift Towards a Balanced Market
Active listings are up 9.48% and sold listings are down 11.56% compared to this time last year. With the increase in Months of Supply, the market in this area is showing signs of moving towards a more balanced market.
Mortgage Rates Continue Downward Trend
Purchase mortgage application demand saw the second highest weekly increase over the last year and thanks to a spike in refinancing activity, overall mortgage demand rose to the highest level since the fall of 2016. While the housing market has faced many head winds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.
New Custom Neighborhood Analysis Pages
Curious about what is happening in your neighborhood? I’m excited to be launching new Neighborhood Analysis landing pages that highlight active and sold statistics as well as current properties available. This tool can be customized to any #Phoenix area community and no log in required. Check out this sample page.
Interested? Shoot me an email at JeffryKlein@LucidoAgency.com and I’ll have a page tailored to you.
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A big THANK YOU to all who came to our Client Appreciation event on Friday! And also to those who couldn’t make it. We had such a good time, we’ll be having another event in a few months!