Greater Phoenix is the best performing major employment market in the country so far this year. While employment is down 1.4% compared to the first seven months of 2019, Greater Phoenix has lost fewer jobs in percentage terms than any other major employment market.
Since last August, median purchase price for a single-family home in the greater Phoenix market has increased from $309,000 to $335,000, a 14.8% increase.
August 13th Fannie Mae published mortgage rates/fees and points for the following:
30-year fixed: 2.96% with 0.8 fees and points
15-year fixed: 2.46% with 0.8 fees and points
5/1 year ARM: 2.9% with 0.4 fees and points
With these interest rates a $350,000 home with 10% down would leave a principle and interest payment of $1495 a month. In 2018 at $290,000 home with 10% down would leave a $1449 payment. Our new low interest rates mean more house for the money.
Fueled by these low rates and coupled with low inventory the housing market is on fire in Phoenix and Tucson which is pushing prices higher. Buyers are out in force looking to take advantage of the low rates, and if you sit on the fence you may lose out on a property. Multiple offers and properties moving fast make the competition fierce for buyers. Now more than ever, buyers need to have their financing in order and documented prior to looking at homes.
Data provided by the Wilcox Report and ARMLS