Mesa Real Estate Market Update
Mesa real estate market is seeing very low demand and even lower supply. With the 30 year fixed interest rate stuck around 7%, most homeowners do not want to sell and buyers are struggling to qualify and afford a home.
Buyers are increasingly turning to new built homes. Developers are enjoying strong orders, firmer prices and healthy margins, but have relatively low inventory of homes for sale and a weak pipeline of new permits to build. The strongest sector in the housing real estate market is single-family new construction.
Interest rates not only decreases demand but also keep inventory low. It is the balance between supply and demand that determines how prices move. At the moment mesa real estate supply is much weaker than demand so prices are increasing, as they have since January.
Statistics from the Cromford Report