The real estate market so far in 2024 has not bounced back as much as we would have like it. We had hope that by the 2nd quarter interest rates would have started to drop a little bit. But actually last week the interest rates were raised yet again. We are currently at 7.26%. Many sellers are having to contribute to the buyers so that the buyers can buy down the interest rate in order to afford the monthly mortgage. Below is a quick synopsis of where are current real estate market is in the Phoenix Metro Area.
Written by Tom Ruff
March 2024 Housing Numbers
• The Cromford Index is currently reporting 111.6, a modest nod towards sellers.
• In the first quarter, demand was approximately 5% lower year over year.
• In February and March, in terms of sales per day, there were 15 fewer sales per day
this year compared to last.
• Demand is down approximately 26.02% from the first quarter of 2020. (pre-COVID)
• Sales volume for Q1 2024 is down 31.61% from Q1 2021. (COVID buying frenzy)
• The median sales price is 5.65% higher year over year, home prices are stable.
• As reported by Freddie Mac, the 30-year FRM averaged 6.88%as of April 11, 2024.
• The 30-year FRM is up .06% from last week and .61% year over year.
• Historically, ARMLS reports the highest yearly total for accepted contracts in the 30-
day window between late March and late April.
• Late March and April’s contracts become May and June’s closings.
The good news, is that buyers that are currently in the market for a new home actually have less competition and have time to think about the home before they make an offer. If you are wanting to learn about home ownership please contact me for a free buyer consultation. Betsie Melter Realty ONE Group 480.734.3644
