By Brent Ruffner | YourValley
Higher interest rates and a sharp rise in the local housing inventory have created a volatile housing market in Phoenix during the past 13 weeks, according to Tina Tamboer of the Cromford Report.
In March, there were about 4,000 to 5,000 homes available for sale in the Phoenix market. Now, there are 12,777 available for sale in the Phoenix housing market — a 181% swing, said Tamboer, a housing analyst.
Interest rates have spiked over that time, too.
Last week, Freddie Mac reported average mortgage rates on a 30-year conventional loan is now 5.81% — further decreasing the buying power of families.
Less people are currently buying homes. Higher interest rates have pushed a lot of the population out of the housing market and put more stress on the industry, Tamboer said.