PHOENIX — A bump in mortgage rates this spring is keeping homebuyers on the sidelines at a time when prices typically rise and demand is highest.
The increase in mortgage rates since the beginning of March likely dampened what could have been increased buyer demand, said Sarah Perkins, director of industry research and senior account executive for Navi Title Agency in Scottsdale.
Even so, demand didn't fall off, she said.
"This spring was the best spring selling season we have had in three years, with 4% more sales in the first half of 2026 than there were in the first half of 2025," Perkins said. "Since buyer demand hasn’t changed a lot, the supply levels are dictating how prices move. In 2025 there were months when supply levels were up by 30% over 2024. And in 2026, supply levels were about the same as 2025 or slightly lower.”
Read more of this story from the Business Journal.
Want more news in your community? Add ABC15 as a preferred source on Google below:
