Peoria housing market cools

By Philip Haldiman | YourValley

It wasn’t long ago the real estate market was hitting record lows in inventory.

Now the industry is in a cooling off period, making home buying more accessible than it has been in the last couple years.

There are 17,782 active listings in Arizona, up 78.2% from June of last year, with just more than 600 active in Peoria, according to Homie, a real estate technology company.

Arizona-based Cromford Report says active listings in the state are at 15,033, up nearly 160% from July of last year.
Either way, more homes are available on the market today than there were a year ago.

Heather Morales, listing agent for Homie, said the shift is due to the change in interest rates that has occurred in recent months. At press time, the average rate for a 30-year fixed rate mortgage was 5.3 percent, according to Freddie Mac, up from 2.9 percent about a year ago.

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