Pending Home Sales Hit Record Low in July
Recent data has shown that pending home sales in the United States have hit a record low in July, signaling a cooling in the housing market. The National Association of Realtors reported a significant 5.5 percent drop in pending home sales, reflecting a shift in the real estate landscape.
Despite this overall trend, there are still pockets of opportunity for savvy buyers. Real estate agent Cynthia Jauregui, who specializes in the West Valley area, has identified certain cities that are ripe for home purchases. According to Jauregui, these cities are on the brink of becoming a buyer’s market, presenting a unique opportunity for those looking to invest in real estate.
One of the driving factors behind this potential surge in home sales is the decrease in interest rates. With lower rates, buyers are feeling more confident in taking the plunge into homeownership. Jauregui notes that buyers are becoming more active in the market, inspired by the current conditions and the prospect of securing a better deal on their dream home.
The Cromford Report
The Cromford Report, a monthly industry overview, highlights the stability of prices per square foot in West Valley cities from 2023 to 2024. Jauregui specifically mentions Surprise as a city to watch, with significant transformations on the horizon. She attributes this growth to the increasing demand for homes in the area.
In addition to the promising market conditions, buyers in the West Valley don’t have to compromise on amenities or convenience. Proximity to shopping, schools, and healthcare facilities make these cities attractive options for potential homeowners.
Jauregui emphasizes the shift in sentiment among buyers, with many previously hesitant individuals re-entering the housing market. First-time buyers, in particular, are eager to take advantage of the current environment and secure a home for themselves and their families.
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