Valley housing market turning volatile

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.

READ ON:

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories