Tempe AZ Real Estate Housing Market Report - July 2023
After slightly decreasing last month, the average sold price per square foot of Tempe homes jumped up this month, going from $297/sf in June to $317/sf in July.
After Tempe days on market increased last month, the DOM has decreased this month, going from 52 DOM in June to 49 DOM in July. Homes in Tempe are still selling reasonably fast, and sales should be a little slow through this summer, which is typically the time of the year when the Arizona housing market starts to slow as families settle in for the school year.
After increasing last month, the number of new Tempe listings decreased this month, going from 95 in June to 78 in July. With this decrease, new listings in Tempe are lower than they have been in July of the previous five years, and they are now -47.7% lower than in July of 2022.
After slightly decreasing last month, the number of active listings has increased this month. Active listings have gone from 136 in June to 147 in July. With the increase, the number of active listings in Tempe are less than they were in July of last year by -42.8%. This is the third straight month active listings have been lower than they were in the same month the previous year. This previously had not occurred since April of 2022.
Median home prices have slightly increased over the last 7 months while home inventory remains low. Homeowners are hesitant to sell their homes with such low mortgage interest rates because they will have to turn around and purchase a new home with mortgage rates almost double what they currently have.
Median home values in Tempe have actually decreased an average of -11.6% since July of 2022. Mortgage interest rates are hovering around 7.0%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way throughout the spring.
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