Market activity slowing since last month and this time last year:
As of 7/31, there were 17,679 active and coming soon listings in our MLS system within Maricopa County, roughly 4% lower than the prior month and 7% lower than this time last year. Homes under contract have dropped to 5,405, a 17% reduction from last month's measurement and just slightly lower than last year. Closed sales have fallen to 4,641, a reduction of 12% from the prior month and 8% lower than this time last year. See the Cromford Market Index summary as of 7/30 for our largest 18 markets in Metro Phoenix where a reading of over 100 indicates that it is technically a Seller's market and below 100 leaning in favor of Buyers.
Interest rates on the rise as the 10 YR Treasury approaches 4.75%:
The average 30 year mortgage rate was 6.66% as of July 30th, which is up 1/8% from the prior month and about 50 basis points higher than the beginning of the year, but slightly lower than where rates were 1 year ago. Interest rate fluctuations impact the average home buyer, but most luxury purchases are not being impacted as many buyers purchase with cash. I still feel that rates getting above 7% will be a bigger problem for the lower and middle class purchases and if rates get below 5.75% we will see buyers scrambling to purchase as well as a jump in the mortgage refinance market.
Please call on us if you would like to schedule a meeting to review your real estate holdings or upcoming purchase goals. Buyer's are finding more options available and our Seller's are finding success with a strategic home sale plan in place.
Thank you for your continued business and referrals.
Best regards,
Jon Mirmelli & Rebecca Ponte
Mirmelli Real Estate Group
6/01/26
6/30/26
FOUNTAIN HILLS
PARADISE
PHOENIX/ARCADIA/BILTMORE
