Market Trends
JUNE 2025 – Inventory has risen almost 28% since the beginning of the year but it did fall about 2% during the month of May. All price points fell. May is often one of the busiest months of the year for home sale closings.
Interest rates have been slightly higher during the past few weeks at 6.83% for a 30-year and 6.03% for a 15-year mortgage as of May 29th.
Although I have seen some neighborhoods get record high prices recently, I think there is downward pressure on the overall market in the Valley but it has been a very moderate decline in most cases.
Call me with your questions of how that may impact your home buying/selling plans. Dale at 602-799-7335.
May 2025 – Inventory has risen almost 30% since the beginning of the year but has been somewhat flat for the past couple of weeks. The luxury market over $1m has continued to be more active but inventory is growing there as well.
Interest rates have continued to fluctuate quite a bit recently but they have moved to near their lowest level in the past few months at 6.76% for a 30-year and 5.92% for a 15-year mortgage as of May 1, 2025.
Prices have remained fairly stable but the inventory and interest rates could impact prices going forward. Average or below average homes could have more downward pressure on prices if inventory continues to rise.
As is often the case, the best homes that are priced correctly are selling fairly quickly while homes that are not updated and not priced appropriately are staying on the market longer but that does provide opportunities for buyers that are willing to consider having some updates done after a purchase.
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
