Phoenix Metro Housing Market activity is slow: Number of homes sold continues to go down, There were 6,981 homes sold in October. As a result, home inventory level have in increased for the third month in a row with 25,040 currently listed for sale.
Year over year home prices hold strong: The median home prices for the Phoenix Metro area up from $213,000 to $229,900 or about 6.1% year over year.
Home prices in Surprise, AZ: After 2 months of declining home prices we are right back where we were in July with a median price of $224,900 for single family detached homes. This is up 7.4% year over year. Click here to view an active chart of home prices in Surprise for the last 5 years. There are currently 704 homes for sale which is well above are average of 585 homes for 2016 and if seasonality holds up this will continue to rise until January or February.
Things to do in and around Surprise, AZ:
Interest rates remain low: A good place to check out the current average interest rate is Freddiemac.com. Currently the average interest rate for a 30 yr fixed rate mortgage is 4.03%. But where are they going, this can be found out by the Mortgage Business Association (MBA) which has a forecast range of between 4.0% and 4.4% for 2017. The forecast doesn't hit 5% until 2019. Click here for their forecast.