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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 [...]