Record number of sellers vs. buyers - What this means for home prices
In this week’s update, we dive into Redfin’s latest data showing the highest-ever gap between home sellers and buyers nationwide. With nearly 500,000 more listings than buyers, home prices may start dropping, especially in oversupplied markets like Phoenix.
We break down:
Why this is the strongest buyer’s market in a decade
What’s happening to home prices in Phoenix
The condo vs. single-family home market gap
The latest on mortgage rates (hovering just under 7%)
Why even the upper middle class can’t afford homes in certain cities
Inventory trends across the Valley
What the Cromford Market Index says about Phoenix supply vs. demand
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Caitlin McKeague
Broker Associate BRBR679010000