Million dollar home sales jumped 15% in July while sales under $250K kept falling.
The Phoenix Valley market is splitting right down the middle. Existing home sales dipped 1.7% to 4.06 million nationwide, but luxury buyers with stock gains and rising home equity are driving the top end. Meanwhile, mortgage rates above 6.5% are keeping first time buyers on the sidelines. They made up just 29% of July transactions, down from 33% in June. According to NAR's chief economist Lawrence Yun, that number needs to hit 40% for a healthy market.
Here's what this means for you: your price point dictates your entire strategy right now. Whether you're buying your first home or moving up to luxury, the approach is completely different. I'll show you exactly what's moving at your price point and how to position yourself to win in this split market.
DM me directly and I will get back to you within the hour with a personalized market breakdown for your situation.
