Daily real estate news — Arizona focused, updated every morning.
The Phoenix Realtors Association says the metro area is experiencing its first true buyers' market in 25 years, with rising inventory and flat demand creating advantages for house hunters. With 22,040 homes currently for sale, buyers can now negotiate price reductions and seller concessions rather than competing in bidding wars.
Mortgage rates retreated from recent highs as news of potential U.S.-Iran peace negotiations boosted market sentiment. The average 30-year fixed rate settled around 6.34%, down from elevated levels earlier in the week following escalation concerns in the Middle East.
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