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PHOENIX — Phoenix home sales rose for a fifth consecutive month in July, signaling improving demand, according to the latest Homes.com report.
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Even so, activity remains nearly 30% below pre-pandemic norms.
The overall market’s prices have changed very little over the past four years, said Sarah Perkins, director of industry research and senior account executive for Navi Title Agency in Scottsdale.
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“There is demand, and buyers actually have more buying power today than they had a year ago, due to wage increases, despite higher interest rates throughout the summer,” she said. “Nominal prices haven’t really moved while inflation and wages have both increased, pushing down real price gains.”
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Read more of this story from the Business Journal.