Multiple offers are back?! Phoenix Real Estate Market Update

by Caitlin McKeague

The Phoenix housing market is off to a HOT start this year — and buyer demand is picking up faster than expected. In this weekly Phoenix real estate market update, I break down what we’re seeing in the data and what’s happening on the ground with real buyers and sellers across the Valley.

Here’s what we cover:

• The latest Cromford Market Index (CMI) and what it says about Phoenix, Mesa, Glendale, Chandler, and outer areas like Buckeye, Queen Creek, and Maricopa • Why some homes are sitting… while others are getting multiple offers (including cash)

• Contract ratio heat map — which Phoenix zip codes are heating up

• Active inventory vs. demand compared to last year

• Mortgage rates update (including the dip under 6% and where we are now)

• How lower rates are affecting buyer activity

• What it would actually take to return housing affordability to 2019 levels (the numbers may surprise you)

• Why prices dropping 35% is more complicated than people think