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Posts from January 2023

Cindy Nelson AZ REALTOR Blog

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Buyers | 13 Posts
Community | 5 Posts
Market Update | 20 Posts
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English
January
14

by

Phoenix Buyer Market - Aaaand It's Gone
Median Price Down $65,000 Since May 2022


For Buyers:
Last year, traditional buyers took a back seat to an influx of cash investors and speculators who outbid them. Then mortgage rates increased and suppressed their power even more. This was especially prominent in the market under $500K where owner occupant buyers made up just 56.8% of sales in June (normally 70-75%), and investors took 31% (normally 11-17%). As of November, traditional buyers have once again returned to 71% market share under $500K, and investors have retreated under 20%. Investors make up the majority of losses associated with recent price declines. This is great news, especially for first-time home buyers, as prices have come down significantly for starter...

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Categories: Market Update
Tags: Buyers, market update, affordability, supply, News
Cindy Nelson Cell: (480) 535-0060 Email Me
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