Phoenix AZ Real Estate Housing Market Report - June 2023
The average sold price per square foot of Phoenix homes increased for the 5th straight month after decreasing for 9 months in a row. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $295/sf in June.
After increasing for 9 straight months, the Phoenix days on market has now decreased for the 4th month in a row. The days on market went from 81 DOM in February down to 49 DOM in June. Homes in Phoenix are still selling fast, but slower than the frenzied activity we saw in 2021 and the first half of 2022.
After slightly increasing in March and April, new listings in Phoenix slightly decreased for the second straight month, going from 1,087 in April to 1,041 in June. This is way below the number of new Phoenix listings for June over the last five years (as this number should be closer to 1,800 right now). With this recent decrease, the number of new Phoenix listings are still -52.4% lower than in June of 2022.
After increasing for the previous six months, the number of active Phoenix listings has now decreased 9 months in a row. Active listings have dropped from 3,729 in September of 2022 to 1,907 in June. This is the second month that active Phoenix inventory is lower than the same month last year since April of 2022. The inventory of Phoenix homes is now lower than in June of last year by -30.3%.
Demand is still high due to the low number of homes on the market. Homeowners are locked into a very low mortgage interest rate and don't want to lose that when they sell.
With that said, median home values in Phoenix have decreased by -4.2% since June of 2022. This is the 8th straight month we have seen a year-over-year decrease. This has not happened in the previous 4 years. Even with interest rates around 6.7%, the demand for homes will continue this spring.
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 buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.