Is the Real Estate Housing Market Going Up or Down?

Mixed signals are what I see for the real estate housing market. In January and February, the market was leveling out and heading up again, albeit at a much slower pace than what we have seen in the past few years. Buyers have finally accepted that higher mortgage rates are here to stay for the immediate future. Then towards the middle of February, the stock market and bond markets reacted poorly to higher inflation numbers which sent bond yields higher. This should slow buyers’ purchasing power and, thus, the real estate housing market as well. We really won’t know for another 30 days or so. The Wall Street Journal reported basically the same theory in a story today about the national housing market.

One fact to keep in mind is that number of listings of for-sale homes is still low. Check out listings here at my sister site, www.dgpaz.com. We are technically in a seller’s market right now.

Real Estate Growth News

• 21 Projects to Watch reported in the Phoenix Business Journal. This an excellent synopsis of the commercial real estate projects that are driving job and real estate growth here in Phoenix.
• El Dorado Holdings Buys 4.150 Acres in Pinal County for $82,7 Million. The new community will eventually include 12,000 new homes.
• Optima, Inc, an upscale apartment and condo builder, announces the start of a $1 Billion luxury project in North Scottsdale, Arizona.
• Uhaul ranks Arizona Number 7th in growth for 2022. This survey uses the number of one-way trips from one state to another to determine the growth rate. I am not sure how accurate this is, but it’s interesting.
• The Number of $1 Million Earners is Surging. Arizona saw a 72.23% increase from 2015 to 2022 in filings for people who earn a million or more per the Internal Revenue Service.

Questions or Comments? Feel free to contact me anytime regarding the market or your real estate needs. Have a great week.