Phoenix AZ Real Estate Housing Market Report - July 2023
The average sales price of Phoenix homes has increased after decreasing last month, going from $578,956 in June to $604,959 in July. The average sales price for Phoenix homes in July is still significantly lower than the all-time high of $621,488 that occurred in May of 2022, but it has been on an upward trend in 2023.
The average sold price per square foot of Phoenix homes increased for the 6th straight month after decreasing for 9 months in a row. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $298/sf in July.
After increasing for 9 straight months, the Phoenix days on market has now decreased for the 5th month in a row. The days on market went from 81 DOM in February down to 46 DOM in July. Homes in Phoenix are still selling fast, but slower than the frenzied activity we saw in 2021 and the first half of 2022.
The average sold price per square foot of Phoenix homes increased for the 6th straight month after decreasing for 9 months in a row. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $298/sf in July.
After increasing for 9 straight months, the Phoenix days on market has now decreased for the 5th month in a row. The days on market went from 81 DOM in February down to 46 DOM in July. Homes in Phoenix are still selling fast, but slower than the frenzied activity we saw in 2021 and the first half of 2022.
After hitting a 2023 high in May Phoenix home sales have decreased for the second straight month, going from 1,151 in May to 835 in July. With this decrease, total Phoenix home sales for July are down -13.9% from July of 2022.
After slightly increasing in March and April, new listings in Phoenix have decreased for the third straight month, going from 1,087 in April to 986 in July. This is way below the number of new Phoenix listings for July over the last five years (as this number should be closer to 1,800 right now). With this recent decrease, the number of new Phoenix listings are still -46.0% lower than in July of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 10 months in a row. Active listings have dropped from 3,729 in September of 2022 to 1,839 in July (reduced by more than half). This is the third month that active Phoenix inventory is lower than the same month last year since April of 2022. The inventory of Phoenix homes is now lower than in July of last year by -46.5%.
Demand is still high due to the low number of homes on the market. Homeowners are locked into a very low mortgage interest rate and don't want to lose that when they sell.
With that said, median home values in Phoenix have actually increased by 6.1% since July of 2022. This is the first month we have seen a year-over-year increase since October of 2022. Even with interest rates around 7.0%, the demand for homes will continue throughout the summer.
After slightly increasing in March and April, new listings in Phoenix have decreased for the third straight month, going from 1,087 in April to 986 in July. This is way below the number of new Phoenix listings for July over the last five years (as this number should be closer to 1,800 right now). With this recent decrease, the number of new Phoenix listings are still -46.0% lower than in July of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 10 months in a row. Active listings have dropped from 3,729 in September of 2022 to 1,839 in July (reduced by more than half). This is the third month that active Phoenix inventory is lower than the same month last year since April of 2022. The inventory of Phoenix homes is now lower than in July of last year by -46.5%.
Demand is still high due to the low number of homes on the market. Homeowners are locked into a very low mortgage interest rate and don't want to lose that when they sell.
With that said, median home values in Phoenix have actually increased by 6.1% since July of 2022. This is the first month we have seen a year-over-year increase since October of 2022. Even with interest rates around 7.0%, the demand for homes will continue throughout the summer.
For more detailed stats on the Phoenix Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you’re considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
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Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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