It’s been quite a ride for homebuyers this year! By the end of Q3, the typical monthly mortgage payment hit $2,600—a 14-month high. With sale prices holding steady (the national median is now around $399,000, up about 2% from last year), affordability is definitely a bigger challenge than ever, and pending sales have stayed pretty flat. Mortgage applications have dipped a little, and new listings slowed down a bit over the holidays, but we’re still seeing more options than this time last year. Sellers are making some smart moves: about 21% of active listings have cut prices, and it’s clear that strategic pricing can really make a difference—overpricing is holding some homes back. Inventory is slowly improving, with about 1.5 million homes on the market and nearly four months of supply, though we’re still not quite at that “balanced market” sweet spot. As someone who’s always passionate about helping people find their place in Arizona, I’m keeping a close eye on these trends to help you navigate this ever-changing market with optimism and a little bit of adventure!
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