Here are 10 points summarizing our current market conditions.

Supply vs Demand vs Interest Rates

Both supply and demand in the housing market are being impacted by a turbulent interest rate environment.
Our current market is rate sensitive.
Existing homeowners are reluctant to sell their current home, buy a different property and then borrow at a higher rate, thereby restricting supply.
STAT is projecting March’s median sales price will increase 2.84% month over month, rising from $412,000 to $423,700.
Recent reports of a crashing housing market in Phoenix have been greatly exaggerated.
As rates jump up or down, the impact is seen almost immediately in pending contracts.
When rates ascend toward 7% and above, homebuyers retreat.
November 2022, the average 30-year mortgage rate topped 7%, which was the primary catalyst to the "buyer market".
When rates tick down, homebuyers gain confidence.
FHA financing is more appealing now that the mortgage insurance fees have been reduced.

*Most of the above information is from ARMLS STAT Report dated March 16, 2023

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