Spring Into Action: The Arizona Real Estate Market Is Warming Back Up!

Between the Phoenix Open, the Super Bowl, and Spring Training tourism isn’t the only thing that’s been heating up this spring in Arizona. For the second consecutive week Freddie Mac's average for a 30-year fixed-rate mortgage declined, reaching 6.42%. This is great news for homebuyers taking advantage of the stable home prices. It’s also, understandably, creating an increase in purchase demand.

As the downward trend continues in mortgage rates, we expect to see a rebound in the spring homebuying season. The National Association of Realtors revealed that existing home sales surged in February due to the first significant rate drop since January. The NAR reported a 14.5% month-over-month gain in previously owned home sales, which was the first monthly increase in a year and the most significant growth since July 2020.

The ongoing issue that has made it difficult for some buyers is the historically low inventory, which the NAR states is at a 2.6-month supply, 10% lower than January. As rates decline, we are seeing multiple offers returning on many properties due to low inventory.

Are you looking to buy or sell this year in Arizona? I’d love to connect to discuss your goals and how I can help! Learn more about working with me HERE.