Greater Phoenix Metropolitan Area Market Snapshot - April & May 2022
The market has begun to change rapidly. Rising supply with falling demand makes this the moment when the market begins to balance and cool down from being one of the longest seller’s markets I have ever experienced.
This weeks mortgage has hit a 13 year high and is now averaging 5.27%, reported by Freddie Mac.
“The average sales price as of May 1st stood at $591,000” says Tom Ruff of ARMLS STAT and he expects prices to further increase, but with falling demand - which seems a paradox explained only by inflation.
The Fed is prepared to move quickly to taper inflation and we expect them to raise rates by a point over the next two months.
If you have any topics or questions you would like answered, contact The Shanna Day Dream Home Team - we’ll find the answers for you!
Shanna Day Dream Home Team
Keller Williams Realty East Valley