Pending home sales just hit their highest level since September 2022.
Up 9.6 percent year over year for the four weeks ending May 10. The buyer slowdown might be ending. Mortgage rates dipped for three straight weeks in April. More buyers are entering the market. But new listings fell 1.6 percent year over year. Third consecutive week of declines.
Here's what that means for Phoenix Valley buyers and sellers. More competition is coming back. Median sale prices rose 2.2 percent to $397,740. The second largest increase in seven months. We're sitting at 3.5 months of supply. A balanced market is four to five months. Buyers who waited might be losing negotiating power. Sellers who held back could see stronger offers soon.
The window for buyer friendly deals is closing faster than most people realize.
DM me directly and I will walk you through what this means for your specific situation. Whether you're buying or selling, timing matters right now.
