🌟 Maricopa County Residential Sales Update: Impact of High Interest Rates 🌟
I recently analyzed residential sales data for Maricopa County from June 2019 to June 2024, and the results highlight the significant impact of the current high interest rates on the housing market.
📉 Sales in June (Yearly Comparison):
- 2019: 8,289
- 2020: 8,209
- 2021: 8,594
- 2022: 6,573
- 2023: 6,020
- 2024: 5,073
The decline in sales over the past few years is evident, with a notable drop from 8,594 sales in June 2021 to just 5,073 sales in June 2024. This trend underscores the challenges posed by generational high interest rates, which have throttled the market.
🔍 Market Insight: Even if the Federal Reserve begins dropping rates – which I believe may start with the next meeting – it would likely take 4-5 rate cuts (assuming 25 bps per drop) to return to pre-COVID production levels.
📊 Visual Insights: I’ve visualized these trends and more in an interactive dashboard available on Tableau Public. This tool is free for potential homebuyers, sellers, and real estate professionals to explore.
🔗 [Link to Tableau Public Visualization]
For real estate professionals, I offer customized marketing and data services to help you navigate these challenging times. Let’s work together to adapt and thrive in this evolving market.
#RealEstate #MarketTrends #MaricopaCounty #HousingMarket #InterestRates #DataAnalysis #RealEstateProfessionals