We hope you are enjoying the cooler temperatures! As most of you know, the housing market has cooled off as well, and we are officially in a balanced market. This means our current housing marketing does not favor neither buyers nor sellers, it’s neutral. While the supply of homes increased dramatically over the first half of the year, additional supply coming onto the market has leveled out at around 21,000 homes for sale. Even though interest rates have spiked considerably, the demand for purchasing homes is still out there.

Some of that has to do with our continued population growth. A recent analysis found that Phoenix had one of the highest ratios of people moving in vs. those moving out during the first half of the year. The data, collected by MoveBuddha, showed Phoenix was No. 8 among major cities with a ratio of 1.19 people moving in for every person leaving from January through June. The analysis also found that state-to-state moves have slowed down during the first half of the year compared to 2020 and 2021, when pandemic-driven relocation was on the rise.

The top 10 major cities, for the ratio of people moving in vs. moving out, according to MoveBuddha, in order are:

Charlotte, N.C. (1.82 to 1)

Dallas, TX (1.7)

Austin, TX (1.49)

Denver, CO (1.38)

San Antonio, TX (1.24)

Houston TX (1.23)

Miami, FL (1.21)

Phoenix, AZ (1.19)

Las Vegas, NV (1.18)

Atlanta, GA (1.17)