Open House Realty is a full-service Real Estate Brokerage serving Arizona.
​Contact us to assist you in the purchase, sale, and management of your real estate.
We have agents all over Arizona to best suit your needs!

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Open House Realty
20325 N 51st Avenue
​Bldg 5 Suite 134
​Glendale, AZ 85308​ 
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Ivy Clay
Broker Owner
ADRE License # BR​​639560000
Office ​(623) 299-4954
​Email: OHRealty@yahoo.com
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Contact Open House Realty

Habla Español 
Open House Realty offers resources for everything real estate! We have bilingual trainers, 24/7 support, use excellent online platforms with streamlined systems,  transaction coordinators available, and the best commission splits in town:

$245/transaction at $25/mo. or 90%/10%.
Rental & Referral commissions are yours.​
​​Zero onboarding fees.

Whether you're a seasoned agent or new licensee, find out if ​​Open House Realty is the best brokerage for you. We look forward to helping you achieve your goals!

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MARKET REPORT

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Phoenix Metro Housing 
August 2024
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Current Market Dynamics: The Phoenix housing market in August 2024 shows signs of stabilization with a median home price around $449,000, indicating a slight increase from previous years but not significantly, suggesting a balanced market where supply and demand are aligning. However, there's been an uptick in inventory, which hasn't yet led to a price drop, possibly due to sustained demand from population growth and relocation trends.
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Interest Rates and Affordability: Interest rates have shown a slight decrease, moving from 7.2% to 6.4% over the last three months. Despite this reduction, there hasn't been a notable increase in buyer demand, indicating that affordability remains a concern. The market sentiment reflects a cautious optimism, with expectations that further rate cuts could stimulate more activity, but the impact of a 25 basis point cut might be minimal in immediately affecting the market's gears.
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Market Sentiment and Predictions: While some predict a stabilization or slight increase in home prices due to underlying demand factors, others highlight the lack of significant buyer response to lower rates, pointing towards a market where price reductions might not be drastic. The consensus seems to lean towards a slow and steady market with potential for modest growth rather than a boom or bust scenario.
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Rental Market: There's been a notable decrease in rent prices, down by 9% year-over-year, suggesting a shift towards ownership or possibly an oversupply in the rental market. This could be indicative of economic pressures or changes in lifestyle preferences among residents.
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Future Projections for Fall 2024: Analysts and market observers anticipate that the Phoenix housing market might see modest price increases, potentially ranging from 0-3% by year-end, driven by continued population growth and job market stability. However, the real estate market's sensitivity to broader economic policies, like further Fed rate adjustments, could influence this trajectory.
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Investment Perspective: For investors, Phoenix remains an attractive market due to its growth metrics, rental yields, and the overall appeal of the region. The strategy might lean towards understanding micro-markets within Phoenix where demand remains high due to new developments or demographic shifts.
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In summary, the Phoenix metro housing market in August 2024 presents a picture of cautious stability with slight price increases, a nuanced response to interest rate changes, and a rental market showing signs of softening. The market's future seems tied to broader economic policies and local demographic trends, suggesting a market ripe for strategic investments but with a call for vigilance on economic indicators and policy shifts.