Rising mortgage rates have hit home sales nationally, according to a new report, making owners reluctant to sell and buyers facing steeper costs. The same is true in the Valley, local agents say, but demand from the region’s fast-growing population has helped sales in Arizona. (Photo by Staff Sgt. Teresa J. Cleveland/U.S. Air Force)
WASHINGTON – High mortgage rates and tight inventories are hitting home sales nationwide, but agents in Arizona say the continuing influx of new residents to the state has softened the impact in the Valley.
The National Association of Realtors reported this week that existing home sales fell 2.2% from June to July, when 4.07 million homes were sold nationwide. That was down more than 16% from July 2022, the report said.
The reverse was true in Arizona, where a report from the Arizona Regional Multiple Listing Service said sales fell steeply from June to July, but were only down 3.1% from the same time last year.
The national report attributed the decline in part to rising interest rates, which are making homeowners reluctant to sell and making it difficult for homebuyers to get into the market. That is reducing the number of homes on the …
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