If you need assistance, please call 602-410-0827

November 21, 2022 Market Update

Monday, November 21, 2022   /   by Bryan Baylon

November 21, 2022 Market Update

With mortgage rates stabilizing for a while at a rate around 6.6% to 6.7% for a 30 year fixed loan, demand for homes has also stabilized, though at a very low level.

Listings under contract, measured daily, look like this:

Screenshot 2022-12-27 at 12.04.31 PM.png

After plunging in October, there are signs of a slight recovery for demand in November as buyers get accustomed to interest rates that would have seem horrible 3 months ago, but look reasonable after a period when they exceeded 7% by a comfortable margin.

Even so, we have fewer than 7,000 listings under contract across all areas and types and we really should be well over 9,000 in a normal market. We almost achieved 9,000 in late August but the Federal Reserve took an ax to chop that down.

Market insights provided by the Cromford Report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. July 15, 2024
This site powered by CINC: www.cincpro.com