PHOENIX — Home sales are slowing down a bit, according to a new report from the Arizona Regional Market Listing service.
The data shows that home sales are down 7.3% month over month in October. According to the year-over-year comparison, they’re down 5.4%.
AJ Otto, a real estate agent with the Amy Jones Real Estate Group says while home prices have gone up for the last several years, they are seeing the market cool off a bit, making it a little easier for buyers.
“Our buyers are actually negotiating more than they were able to the last couple of years,” she said.
Otto said home sales typically slow down during the holiday season. However, she feels the market has balanced out for both buyers and sellers.
Mortgage rates are still high. According to Freddie Mac, the 30-year mortgage rate market survey shows the rate at 7.29%. It has been going down since late October, and Otto said they’re starting to see some more piqued interest.
Laura Clark just started looking for a home in the Valley. She and her husband moved from Washington state last year and just recently decided they wanted to plant their roots here.
“I think the prices are trending in the right direction. You just need to get the rates to do the same thing,” she told ABC15.
