Is the Market Slowing Down?
We know everyone is asking – is the market slowing down?
We’ve been getting asked this question quite often lately! So, we wanted to pro
vide our perspective with some boots-on-the-ground reporting.
It may seem as though the market is starting to ease up, but we believe it will continue to be a strong seller’s market. The slowdown that we are currently experiencing can largely be attributed to buyer fatigue and slight inventory increases, but these minor changes are unlikely to have much impact on our extreme seller’s market status.
Are you currently considering purchasing a new home, but skeptical about the current market conditions? We would love to share with you some updates about the Arizona real estate market to help you make the best decision:
Pros to Purchasing Right Now:
Low-Interest Rates – Current average interest rates for both conventional and jumbo 30-year fixed are 2.875%.
High Appreciation Rates – Phoenix normally averages a .5% appreciation increase per month but is currently experiencing a 3.1% increase per month.
Optimistic Income Growth – Arizona leads the nation in the fastest rate of growth in personal income in 2020 at 8.4%.
Factors to Keep in Mind:
Affordability – Home prices are on the rise at a 30% increase from last summer.
Supply of Homes – Active listings in Phoenix between $1.5m-$2m are down 36.2% compared to last year.
