Phoenix AZ Real Estate Housing Market Report - July 2021
The average sales price of Phoenix homes decreased over $4,400, to $504,936 in July, after reaching an all-time high in June. At the same time, the average sold price per square foot increased from $257/sf in June to $261/sf in July.
After reaching a record low of 23 days on market over the last two months, days on market for Phoenix homes in July increased just one day to 24 DOM.
After reaching a record low of 23 days on market over the last two months, days on market for Phoenix homes in July increased just one day to 24 DOM.
Phoenix home sales decreased from 1,686 in June to 1,511 in July, and after being up last month, sales are down -15.5% from July of 2020. The reason July 2021 sales are so much lower than July 2020 sales is because even though COVID-19 started shutting down our economy in March of 2020, June is when the Phoenix housing market opened up again, and by July we saw the largest number of Phoenix homes sold in all of 2020 (1,789), as you can see by the chart below. Phoenix home sales are still lagging a little behind pre-pandemic numbers, but I think the lack of inventory is impacting sales more than anything else.
After increasing last month, the number of new listings decreased from 1,862 in June to 1,800 in July, yet they are still 1.0% higher than in July of last year. The number of active Phoenix listings increased for the second straight month, from 2,950 in June to 3,088 in July, but they are still down -5.8% from July of last year.
The lack of listings continues to drive demand and home prices higher, so if the number of Phoenix listings continues to be less than in previous years, expect home values in Phoenix to continue to increase.
With that said, median home values in Phoenix have increased an average of 28.6% since July of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase Phoenix homes through the remainder of this year.
The lack of listings continues to drive demand and home prices higher, so if the number of Phoenix listings continues to be less than in previous years, expect home values in Phoenix to continue to increase.
With that said, median home values in Phoenix have increased an average of 28.6% since July of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase Phoenix homes through the remainder of this year.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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