Phoenix AZ Real Estate Housing Market Report - June 2022
After increasing for five straight months the average sold price per square foot of Phoenix homes decreased, going from $317/sf in May to $312/sf in June. The Phoenix average sold price per square foot has only decreased three times in the last 28 months.
The Phoenix days on market increased for the first month after decreasing four straight months. The days on market increased from 24 in May to 28 DOM in June. 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 decreasing last month, new listings in Phoenix increased for the second straight month, going from 1,714 in April to 2,188 in June. This is the highest number of new listings since before 2018 (over 3 1/2 years). New listings in Phoenix have now increased in five out of the last six months. With this recent increase, the number of new Phoenix listings are 15.9% higher than in June of last year.
After slightly decreasing in March, the number of active Phoenix listings has now increased the last three months. Active Phoenix listings have now increased in four out of the last five months, going from an all-time low of 1,636 in January of this year to 2,708 in June. The inventory of Phoenix homes is now higher than in June of last year by 37.3%.
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.
With that said, median home values in Phoenix have increased an average of 20.0% since June of 2021. Even with interest rates moving closer to 6.0%, there will still be more buyers looking to purchase Phoenix homes throughout the summer 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.