Phoenix Real Estate News

Buyer demand has been more reactive to mortgage rates than normal, but that’s to be expected at the rate of increase we’ve seen this year.

Buckeye, Maricopa, and Queen Creek entered a buyer's market in July. Surprise, Chandler, Gilbert, and Tempe followed in August.

The 4th quarter is expected to be a test for sellers as mortgage rate hikes have reduced contract activity to levels not seen since 2008.

Gone are the days of buyers waiving appraisals and inspections, Wall Street cash buyers offering more than asking price, and multiple offers.

This month, homes are on the market an average of 21 days prior to an accepted contract, giving buyers more time to make a decision.

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