PHOENIX — Cooling price growth and lower mortgage rates have lured buyers back to the Phoenix housing market.
The metro saw a boost in contract activity last week for homes in the luxury market, especially in the $1 million to $2 million price range, which was up 39%, according to The Cromford Report's latest data.
"We saw a definite uptick in the number of overall contracts accepted last week," said Tina Tamboer, research analyst for The Cromford Report. "We're having a good October in all of our price ranges."
Buyers of homes in the upper price ranges are attracted to an adjustable mortgage rate that currently is under 6%, she said.
