10601 North Hayden Road, Suite I-100
Scottsdale, AZ 85260
Steffy Hristova's Blog
August 2023 Real Estate Market Summary - Phoenix Metro AZ
Posted On: August 27th, 2023 11:50PM
There are changes happening in the real estate market.
Buyers and Sellers appear to be in a holding pattern. Interest rates have been hovering in the high 6% and low 7% for the last three months, keeping many Buyers on the sidelines and Sellers reluctant to give up the lower rates on their existing mortgages.
Buyer activity (measured by listings under contract) is down significantly from normal for this time of year and Seller activity (measured by new listings) is down even further below normal.
The good news for Buyers is that after June, Buyer competition declines until the end of the year. Despite of the doldrums, there are opportunities for both Sellers and Buyers. If you would like more information about your opportunities in today's market, please give me a call.
