phoenix housing market predictions 2022
On April 16 2021 the inventory was sitting at 4887 homes for sale. But theres a bit of good news for home buyers in the area.
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The Phoenix housing market has been crazy for the last two years and now we may say a shift in the Arizona housing market due to interest rates.
. In february 2022 phoenix home prices were up 313 compared to last year selling for a m edian price of 440k. And now our focus turns to 2022 and what changes well see in the Phoenix real estate market. Here are some trends we might see as we head into the second half of 2022.
Today October 22 2021 inventory is at 6116 homes for sale in Maricopa County. What a year 2021 turned out to be. The Mortgage Bankers Association is forecasting that the average 30-year fixed mortgage rate will hit 37 percent by the third quarter of 2022 and 4 percent by the end of 2022.
Mortgage rates will remain high but increases are expected to taper off. Phoenix Housing Market Predictions 2022. Increased Housing Costs All Around Home prices were up 187 from quarter one of 2021 to the first quarter of 2022 according to the latest Federal Housing Finance Agency FHFA House Price Index.
Within the Phoenix metro area real estate market new listings rose by 263 from July 2020 to July 2021. The average new home price in metro Phoenix is 430000 compared with 350000 in Pinal County Jones said. Investors will not likely have a large sell off.
Overall inventory is up 117 year over year. Lets review what happened in 2021 in the Phoenix real. Locally the Phoenix housing market trends show that the median sale price is now 410000 which is a 281 year-over-year increase.
Luxury housing will continue to be in demand. Mortgage rates are also projected to rise by the end of 2022 which will add to the expense of buying a home. But the Phoenix housing market might become a bit more buyer-friendly next year at least where inventory is concerned.
The unemployment rate will stay low Job openings will continue to be over 10 million Inflation will remain higher than the Federal Reserves target of 2 The Federal Reserve will try to fight inflation by raising rates at least 3 times Mortgage rates will be over 6. Predictions are always difficult but identifying the underlying driving factors is a good place to start. James Attwood division president for.
The report also forecasted that Phoenix will see a home sales change of 143 percent 75 percent home price increase and a combined sales and price change of 68 percent in 2022. Current reports and forecasts suggest that the Phoenix real estate market remains highly competitive in 2022 largely due to an ongoing supply shortage. Largely due to the Federal Reserves rate.
A recent forecast for the Phoenix Arizona real estate market predicted that home prices in the area would continue rising into 2022. Phoenix 2022 Outlook 2021 Real Estate Review. In 3 weeks inventory for homes priced 400000 500000 increased by 35.
Were seeing a much higher demand for new-construction homes especially those in high-end Phoenix suburbs. Another recent report showed that housing market inventory within the Phoenix metropolitan area grew over the past year or so. Home prices sales trends suburbs.
Last year was anything but normal especially in Arizonas residential real estate market. In 6 weeks inventory for homes priced 500000 1M increased by 99. In 6 weeks inventory for homes priced 1M 15M increased by 38.
Tracking ARMLS the past six months inventory has slowly been climbing. Zillow expects Phoenix home values to rise about 20 in 2022 still an incredible pace but a steep drop from the hottest-ever conditions of last year. My top 14 housing market predictions for 2022 are.
Median sale prices rose in Phoenix from 325000 in January 2021 to 404300 by October a. In total 465 of homes sold were above the list price.
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