By Axios
Phoenix’s real estate market is on edge as would-be buyers and sellers impatiently wait for mortgage rates to cool.
Why it matters: Many Valley families are eager to hop back into the market, but they’re waiting for a sign that it’s stable after the chaotic pandemic-era price surgesand subsequent rate hikes.
The big picture: Pending home sales this year through July were more than 8% lower than the same period last year, per Phoenix Realtors data.
- More than 17% of pending home sale contracts fell through during the first half of 2024, per Redfin. In many instances, that’s because the buyer failed to secure a mortgage, according to the National Association of Exclusive Buyer Agents.
Meanwhile, roughly 36% of metro Phoenix houses for sale saw price cuts in May, per Redfin, as homeowners who need to sell try to entice buyers back to the market.
