GREEN VALLEY AZ RE Market Trends Summer 2022

Industry sources are reporting home buyer demand is slowing. The Mortgage Bankers Association recently stated: “The healthy labor market and robust wage gains fueled demand throughout the country in March, but rapid home-price growth and the 42 basis-point surge in mortgage rates last month slowed purchase application activity.”

Another factor slowing demand is inflation. The National Association of Realtors estimates that at today’s inflation rate, the average buyers will now have to look at homes that are about $40,000 cheaper than ones they would have been able to afford last year.

But there is still plenty of demand out there.

Of the existing homes sold in March, 87% were on the market for less than a month. Analysts say this level of buyer urgency is driven by people wanting to make purchases before prices and mortgage rates go any higher.

Lower demand is forecast to eventually slow the pace of price gains by the end of the year. But prices will still rise, and mortgage rates are increasing.

So, buyers should know that the sooner they buy, the better their chances of getting the features they want at a price they can afford.

Sellers should know that supply is still limited and demand still strong; your professional REALTOR always negotiates the best possible deals knowing these dynamics in the

local changing market conditions.

Thank you

Sue Taylor-Lane, REALTOR, Assoc Broker

“LICENSED-LOCAL-INSURED”

Sue.taylorlane@azmoves.com

520-940-0500 cell/text

COLDWELL BANKER

180 W Continental Rd #100

Green Valley AZ 85622

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