Eric Karlene Real Estate

An interesting trend jumps out from one of the charts in our Cromford Public section: This is New Home Sales for single-family only and shows that the annual average size of a new home peaked in March 2015 and has been dropping almost every month since then. In October 2023 the annual average was 2,216 sq. ft., which is down 367 sq. ft. 14% from the peak. When looking at the median or average price of a new home, please take into account that new homes bought recently will on average be significantly smaller than those bought earlier.

BUYERS: Market volatility due to interest rate fluctuation continues, but Sellers are willing to negotiate right now. And you have choices as more active inventory continues to enter the market! If you were waiting on a market shift to help you buy a home, it’s here. Remember that a home is long-term investment, and don’t lose sight of that based on short-term market changes.

Greater Phoenix Balanced Market May Not Last Long - https://mailchi.mp/d9288fe596b2/contracts-up-19-in-this-price-range-9420277