With the real estate market experiencing surging prices, scant inventories, and a backlog of new home construction, many consumers are wondering if what’s gone up must come back down — in other words, are we headed for another housing market crash? Let’s take a closer look.

Gilbert 4th of July Celebration - The City of Gilbert is hosting its annual July 4th Fireworks Spectacular. The city will have food trucks and live music from GARTH LIVE. The fireworks show, weather permitting, will begin at 8:45 p.m., and run for about 20 minutes. When: 5:30 p.m. - 9:15 p.m. Where: Gilbert Regional Park (3500 E. Queen Creek Road, Gilbert) Chandler's July 4th Fireworks Spectacular - Enjoy time in a Chandler park for the Fourth of July this year. There will be some food and drinks sold at a variety of parking lots. The fireworks show starts at 9 p.m. too. When: July 4. Parking opens at 7 p.m. Where: Tumbleweed Park at 2250 S McQueen Road in Chandler Arizona Celebration of Freedom Drive-In Fireworks Show The City of Mesa is adapting its annual event to a drive-in format, with patriotic music available via 94.5 KOOL-FM. The free event [...]

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As has been the case for quite a while, housing inventory in greater Phoenix is in extremely short supply. In fact, if no more homes were to come on the market, we would run out of homes to buy in about 15 days! This dynamic means that prices are still on the rise. Our median sales price is $360,000, up 18.1% year over year, and active listings are 4,177, down from 70,2% year over year! Interest rates have stabilized, at least for now, with 30-year loans at 3.13% with .7 points (Freddie Mac, February 11, 2021). As to where rates go from here, Fed Chairman Powell has said that the Fed will not be raising rates until inflation achieves 2% (or higher) and the labor markets (real unemployment rate) have recovered across all salary levels (Federal Reserve, March 2021). This is very good news for both buyers and sellers as [...]

Greater Phoenix still has very low inventory, and our market reflects this. The median sales price is $349,000, up 18.3% year over year, and active listings are 4,491, down 59.2% year over year. Interest rates have risen slightly over the past weeks due in large part to the passage of the most recent COVID relief bill and a rapidly improving economy. Thirty-year loans are at 3.05% with .6 points. (Freddie Mac, February 11, 2021) As Congress continues to pump money into the economy, rates will most likely continue to rise, albeit slowly. However, rates should remain near historic lows for some time to come. Freddie Mac has forecasted rates for 2021-2022 to run between approximately 2.9% and 3.2%. In the past 30 days, 44% of MLS recorded home sales closed over asking price (ARMLS). Buyers must still know what they want and then come to the table prepared to move [...]