Are Phoenix Home Prices on the Move?

Greater Phoenix Area Real Estate Podcast with Rafael Almazan

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Today we are here to discuss the current market conditions for the Phoenix area with you. Over the last 3 months, we have seen a trend of price increases in some more popular areas of town.

We are in a seller’s market, and there simply aren’t enough homes available for the buyers looking for homes. We do expect the number of homes on the market to increase soon because most of the sellers we have spoken with lately are just waiting for the weather to cool down a bit.

Our inventory is sitting at around a 2.4 month supply, where it’s been hovering throughout the year. If no new homes came on the market, we would sell all of our inventory off in 2.4 months.

Home owners looking to sell are still going to have plenty of buyers looking. As long as the home is priced correctly, buyers are savvy these days and will hold off on offers if a place is priced too high.

As for mortgage rates, they are holding steady at 4%, which is still historically low. This is giving plenty of buyers opportunities to purchase. A word of caution here, as the FED has announced they plan to increase rates after their September meeting. By how much, we do not know.

If you have any questions for us, feel free to reach out to us via phone or email. We look forward to hearing from you!