Phoenix AZ Real Estate Housing Market Report - August 2022
After increasing for five straight months the average sold price per square foot of Phoenix homes decreased for the third straight month as well, going from $317/sf in May to $299/sf in August. The Phoenix average sold price per square foot has only decreased 6 times in the last 31 months.
The Phoenix days on market increased for the third straight month after decreasing four straight months. The days on market increased from 24 in May to 38 DOM in August. The DOM to sell a home in Phoenix is still low, considering a balanced market would expect to see an average DOM closer to 90.
After increasing for two straight months, new listings in Phoenix have now decreased for two straight months, going from 2,188 in June to 1,599 in August. This is below previous August listings since before 2018. With this recent decrease, the number of new Phoenix listings are now -11.6% lower than in August of last year.
After slightly decreasing in March, the number of active Phoenix listings has now increased the last five months. Active Phoenix listings have now increased in six out of the last seven months, going from an all-time low of 1,636 in January of this year to 3,627 in August (a 122% increase in a little over a half year). The inventory of Phoenix homes is now higher than in August of last year by 63.3%.
The number of listings continue to increase and are catching up with demand, as home sales decrease due to higher prices, higher interest rates, and inflation. With the increase in listings and decrease in home sales, this should slow down the pace, and is a sign that the housing market in Phoenix is shifting to where it is more balanced.
With that said, median home values in Phoenix have increased an average of 9.8% since August of 2021. With interest rates averaging around 5.5%, and inflation rising the demand for homes is slowing as we near fall and head into the slower housing market season.
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 thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.