More Housing Inventory? The Lock In Effect is Fading | Phoenix Real Estate Market Update

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In this week’s Phoenix housing market update, we’re looking at whether the “lock-in effect” is finally fading and what that could mean for housing inventory across the U.S. and here in Phoenix.

For the first time in five years, more homeowners now have mortgage rates above 6% than below 3%, which could signal that more sellers may be willing to list their homes despite higher interest rates.

We’ll break down the latest Phoenix housing data, including:
• Current active listings and inventory trends
• Buyer demand and listings under contract
• The Cromford Market Index (CMI) and what it means for buyers and sellers
• Mortgage rate volatility and how global events and economic data may impact housing
• How Phoenix compares to the rest of the U.S. in inventory recovery since 2019

While Phoenix overall is currently leaning toward a buyer’s market, some cities like Chandler, Phoenix, and Gilbert are still seeing strong demand and occasional multiple-offer situations.

If you’re thinking about buying, selling, or investing in Phoenix real estate, we offer free discovery calls to help you understand your options and the current market conditions.