Phoenix AZ Real Estate Housing Market Report - July 2022
After increasing for five straight months the average sold price per square foot of Phoenix homes decreased for the second straight month as well, going from $317/sf in May to $305/sf in July. The Phoenix average sold price per square foot has only decreased four times in the last 28 months.
The Phoenix days on market increased for the second straight month after decreasing four straight months. The days on market increased from 24 in May to 29 DOM in July. 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 decreased, going from 2,189 in June to 1,829 in July. This is the highest number of July listings since before 2018. New listings in Phoenix have now increased in five out of the last seven months. With this recent decrease, the number of new Phoenix listings are just 1.3% higher than in July of last year.
After slightly decreasing in March, the number of active Phoenix listings has now increased the last four months. Active Phoenix listings have now increased in five out of the last six months, going from an all-time low of 1,635 in January of this year to 3,380 in July. The inventory of Phoenix homes is now higher than in July of last year by 60.3%.
There is still a lack of listings based on demand, but it is changing. As long as there is a shortage of homes for sale, and demand remains high, home values in Phoenix will continue to increase. However, 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.
With that said, median home values in Phoenix have increased an average of 8.3% since July of 2021. Even with interest rates averaging around 5.5%, there will still be more buyers looking to purchase Phoenix homes throughout the remainder of 2022.
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.