Pending home sales dropped 5.4 percent in June.
Mortgage rates hit their highest point in nearly a year.
And the median home price just reached a record $440,600.
This is the 36th consecutive month of annual price gains nationally.
Contract signings fell in all four major U.S. regions last month.
The West dropped 1.1 percent year over year while the Northeast managed to climb 2.2 percent.
First time buyers are feeling the pressure most across the Valley.
Here's what matters: pending contracts predict closed sales one to two months out.
That means we're likely looking at softer closing numbers through August.
The spring momentum has officially stalled.
Purchase applications fell 7.3 percent in one week alone.
But the Phoenix Valley market moves differently than the national average.
Some neighborhoods are still seeing multiple offers.
Others have shifted to favor buyers for the first time in years.
I track these numbers daily so you don't have to guess.
DM me directly and I'll show you what the data looks like in your specific area right now.
