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Greater Phoenix Real Estate Market Update For Late Sept. 2023

What's Happening?

Hey LUXE BLOG readers! We're back with another round of updates on the Greater Phoenix real estate market. Today, we're unpacking the latest stats and critical insights that are shaping the housing landscape. With the Cromford Report's latest stats and other key indicators, let's see how things are going!

Key Market Metrics

Let's kick things off with some numbers. The Cromford Market Index (CMI) is an indispensable tool that outlines supply and demand in the market.

  • CMI at 146.6: Still a seller's market
  • Demand Index at 75.3: 25% below the balanced level
  • Supply Index at 51.4: 49% below normal

These figures indicate that despite the seller's market leanings, there's a downward trend in motion. If this persists, we could be looking at a more balanced market, or even a buyer's market, in the near future.

City-Specific Trends

Different cities in the Greater Phoenix area are experiencing unique trends.

  • Queen Creek CMI at 95.5: Nearly balanced
  • Chandler CMI dropped from 305 to 226: Losing seller's advantage
  • Tempe and Cave Creek: Favorable for sellers

While most cities still favor sellers, places like Queen Creek, Maricopa, and Goodyear are nearing a balanced market. Chandler, once a robust seller's market, has seen a significant dip in its CMI. So, if you're a seller in Chandler, it's time to strategize!

Also Read: Deal Struck To Bring Major Film Studio To Greater Phoenix Metro

While Still A Seller's Market, The CMI For Greater Phoenix Has Been Trending Downwards

Mortgage Rates: The Affordability Factor

Economic conditions are affecting home affordability, and mortgage rates are at the forefront.

  • Rates over 7.5%: First time in over 22 years
  • Affected by strong job reports

Higher mortgage rates are a critical factor for both buyers and sellers. For buyers, it impacts affordability. For sellers, it could mean fewer offers and potential price adjustments.

Economic Indicators: What's Next?

Lastly, keep an eye on upcoming economic news.

  • PCE Information: Impact on inflation
  • Fed's Decision: Rates might stay higher for longer

With the Fed not hiking the interest rate and a strong jobs report, the market is reacting. These factors could potentially influence mortgage rates further and thus the demand for homes.

There You Have It

We here at WLH hope you enjoyed this snapshot of the Greater Phoenix real estate market. Whether you're looking to buy, sell, or invest, keeping tabs on these variables can equip you to make smarter decisions. Stay tuned to LUXE BLOG for more updates!

Also Read: The California Mansion Tax Drama: Impact, Lawsuits, & LOL

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