Tempe AZ Real Estate Housing Market Report - June 2023
After increasing last month, the average sold price per square foot of Tempe homes has slightly decreased this month, going from $300/sf in May to $297/sf in June.
After Tempe days on market decreased 3 months in a row, Tempe DOM has increased, going from 43 DOM in May to 52 DOM in June. Homes in Tempe are still selling reasonably fast, and sales should pick up through the spring, which is typically the time of the year when the Arizona housing market picks up.
After decreasing last month, the number of new Tempe listings increased this month, going from 71 in May to 95 in June. Even with this increase, new listings in Tempe are lower than they have been in June of the previous five years, and they are now -49.7% lower than in June of 2022.
After slightly increasing last month, the number of active listings has decreased this month. Active listings have gone from 142 in May to 136 in June. With the decrease, the number of active listings in Tempe are less than they were in June of last year by -32.0%. This is the second straight time active listings have been lower than they were in the same month the previous year since April of 2022.
Median home prices have slightly increased over the last 6 months while home inventory remains low. Homeowners are hesitant to sell their homes with such low mortgage interest rates because they will have to turn around and purchase a new home with mortgage rates almost double what they currently have.
Median home values in Tempe have actually decreased an average of -8.8% since June of 2022. Mortgage interest rates are hovering around 6.7%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way throughout the spring.
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