KW Sonoran Living  ·  Agent Edition

New listings entering the market totaled 7,687 in June, down 7.3% from the 8,294 recorded in May and below the pace of a year ago. Active listings at 21,546 are running 6.2% under the year-ago count of 22,959, meaning buyers are competing against a supply pool roughly 1,413 homes tighter than twelve months back. Months supply has held firm across most East Valley price bands, with the steadiest demand concentrated in the $400K to $800K range. New seller supply continues to enter below last year’s pace, which keeps inventory constrained even as demand eases along normal seasonal lines. This remains a market where correctly priced homes find buyers and overpriced listings wait.

Arizona home insurance rates rose 71% over six years, one of the steepest jumps in the nation, driven by inflation and a surge in natural disasters. Homeowners now average about $2,225 a year, with wildfire the top risk. For Greater Phoenix, rising premiums add to monthly carrying costs and chip away at affordability, leaving buyers less room for principal and interest.

Berkshire Hathaway agreed to acquire Scottsdale-based homebuilder Taylor Morrison in an all-cash deal valuing it at about $8.5 billion, or $72.50 per share, a 24% premium. Taylor Morrison stays led by its current team but goes private. For Greater Phoenix, it keeps a major builder’s headquarters and jobs local, backed by Berkshire’s capital, and signals confidence in housing.

Amazon is converting vacant Greater Phoenix storefronts into hubs for 30-minute grocery delivery, including two Phoenix sites and two in Scottsdale, with liquor licenses filed and openings starting in August. Reusing empty retail returns commercial buildings to active use and adds a delivery grocery amenity near homes, supporting neighborhood activity and housing demand.

The Federal Reserve held its benchmark at 3.50% to 3.75% on June 17, as it has all year, but Kevin Warsh’s first meeting as chair brought a hawkish turn, with the updated projections now leaning toward a hike rather than a cut. Bond yields climbed on that message and on renewed oil supply fears tied to the Iran conflict, lifting the 10-year Treasury from about 4.49% at the start of July to roughly 4.57% by July 8 and pulling mortgage rates up with it. At 6.63% as of July 7, the 30-year fixed sits in the upper third of its 52-week range of 5.99%–6.85% and just 16 basis points below where it stood a year ago. A soft June jobs report of only 57,000 new payrolls would normally ease rates, but oil-driven inflation is overriding it, so the summer relief many buyers hoped for has not arrived. For Greater Phoenix buyers in the core $350K–$550K range, that means budgeting around a rate near 6.6% rather than 6%, with the odds now tilted toward the Fed’s next move being up.