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Wondering About the Arizona Real Estate Market in 2024?

If you’re considering buying or selling a home in the near future, you’re likely curious about what the Arizona housing market has in store for 2024. After a challenging year in 2023 with higher mortgage rates, confusing home price headlines, and a shortage of available homes, it’s natural to want a glimpse of what’s on the horizon.

The good news is that experts in the field are feeling optimistic about the year ahead.

Mortgage Rates on a Downward Trend
Mortgage rates have recently begun to decline, offering hope to buyers facing affordability concerns. Mark Fleming, Chief Economist at First American, believes this trend may continue, providing relief for homebuyers.

Growing Supply of Homes
As mortgage rates ease, the housing market is expected to become more active as both buyers and sellers re-enter the market. This could lead to an increase in the supply of homes for sale, as suggested by Lisa Sturtevant, Chief Economist at Bright MLS.

Moderating Home Price Growth
Affordability is getting a boost not just from lower mortgage rates but also from a moderation in home price growth. According to the Home Price Expectation Survey (HPES) from Fannie Mae, experts anticipate more manageable home price increases in 2024.

In summary, the outlook for Arizona’s real estate market in 2024 appears promising. If you’re planning a move in the coming year, early signs indicate a positive direction. To stay informed and make the most of these trends, consider partnering with a trusted real estate agent who can guide you through the changing landscape.

Let’s connect to discuss your real estate goals for 2024!

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