Phoenix Real Estate News

The second half of 2024 is expected to be better than the first half for buyers in terms of mortgage rates.

It’s been an eventful 4 weeks, again. Conventional rates dropped from their high of 7.1% on March 2nd to 6.1% by April 5th.

Rates defied industry predictions once again and rose over a point from 5.99% to 7.1% between February 2nd and March 2nd.

The spring season combined with mortgage rates briefly stabilizing between 6.0-6.2% contributed to an 86% increase in accepted contracts.

After a 4-week Buyer Market from November to December, the ratios of supply to demand are moving Greater Phoenix back into a Balanced Market.

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