Have Lower Mortgage Rates Boosted Home Sales?

It sure looks like lower mortgage rates boosted home sales.

Year-over-year sales of single family resales in Greater Phoenix have increased while the thirty year fixed mortgage rate has decreased.

The first chart shows the monthly year-over-year percent change in sales of single family resales from January 2018 through September 2019. The second chart shows the same along with the monthly thirty-year fixed mortgage rate according to Freddie Mac.

September 2019 was the sixth consecutive month of an increase in year-over-year sales of single family resales and the tenth consecutive month of a decrease in the thirty year fixed mortgage rate. Ten months ago, in November 2018, the thirty year fixed mortgage rate was 4.87% compared to 3.61% this September.

Sales in September 2019 were 644 or 12.8 percent higher than September 2018.  There were 5,667 sales this September 2019 compared to 5,023 in September 2018.

Video Promoting Scottsdale: Why people are moving to Scottsdale and leaving California

Scottsdale Area Association of REALTORS election ends 5:00 p.m. Monday!

It is real easy to vote. It took me less than a minute.

Directions:

1. Go to www.scottsdalerealtors.org
2. Click “Click here to VOTE NOW” on the left side of the page
3. Cast your vote!
* you’ll need your NRDS number and your email address. If you do not have your NRDS number, you can contact SAAR at 480-945-2651 or click here

THANK YOU!