Higher mortgage rates and affordability concerns are the main reasons home sales are slowing, prices are falling and seller concessions are climbing.
Metro Phoenix home prices dipped as the number of sales dropped in October, but a bigger slide for the area’s housing market is expected in November.last month to $438,000, according to the Arizona Regional Multiple Listing Service.
The rate on a typical home loan has dipped a bit to 6.6%, according to a weekly survey. But the payment on a $400,000 home loan is still $800 higher than it was at the beginning of the year. Last month, it took an average of 54 days to sell a Valley house. That compares to 31 days in October last year.
Metro Phoenix’s median price is on track to fall below November 2021’s price, which means buyers who purchased during the past year lost most of the equity they built up. The median a year ago was $424,000.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ADA and BNB Price Analysis for November 25Can ADA and BNB keep the rise going until the end of the month? Dave_Jonez_02 BNB Pain_Alive_BNB Binance_DEX BinanceResearch CardanoStiftung ADAcoin_ Cardano cardano Cardano_ emurgo_io CardanoCommunity
Read more »
BTC, ETH, XRP Price Analysis for November 26Can XRP keep up with the rise of BTC or ETH? crypto Ethereum ETH $ETH cryptoexchange VitalikButerin ethereum XrpYoyo ANT159694954 nuonrg WillyWonkaXRP RippleXrpie
Read more »
DOGE Price Analysis for November 26Can DOGE keep rising faster than other coins next week? Dogecoin dogecoin jasdoge DogecoinMemes RacerDoge crypto cryptocurrency doge
Read more »
Phoenix Suns wing Cam Johnson earning 'small wins' in returning from knee injuryCam Johnson discussed his knee injury, rehab progress and how the Phoenix Suns have played without him since he went down Nov. 4 against Portland.
Read more »
135+ of the best Black Friday deals and Phoenix store hoursBlack Friday 2022 is here and we found all the best deals and sales you can shop from Walmart, Amazon, AncestryDNA and more.
Read more »
135+ of the best Black Friday deals and Phoenix store hoursBlack Friday 2022 is here and we found all the best deals and sales you can shop from Walmart, Amazon, AncestryDNA and more.
Read more »