Market Update & Trends – May – Still No Major Changes but More than 7,500 Properties Sold in the Month
Inventory Increased slightly again in May – it is still considered low – it grew about 3% for the month.
- Interest rates have started to fall slightly – The Fed indicated that it may delay their timeline in reducing rates for 2024 but a few other countries including Canada have started to make small cuts. Interest rates are about .25% higher than a year ago.
- If interest rates do fall, buyer demand will likely increase and push home prices higher and especially if new listings continue to be low. Buyer activity has been steady with more than 7,500 properties selling in May which is down about 6.5% from a year ago.
- The median sale price in Maricopa County rose almost 3.5% year over year in May – Prices are continuing to trend upward due to low inventory
