Once again, the supply of homes has expanded during the previous month, a trend that’s somewhat unusual for this time of year. However, the growth was modest, just 0.6%, and still falls below the usual levels. Compared to last year, potential buyers now have a 37% larger pool of homes to choose from. Yet, the enthusiasm is curbed by mortgage rates stubbornly hovering above 7% for 30-year terms, dampening demand.
Despite the recent trajectory of mortgage rates, the current market is holding up relatively well. Please see the market summary chart below for North Scottsdale. For up to date information, this summary, along with an Absorbion Price Range Analysis, can be found on LisaLucky.com under Analysis.
