July Metro Phoenix Single-Family Median Sold Price was $475,000
Up $5,000 from July 2023
Down $16,000 from July 2022
Up $140,000 from July 2020
Market Softer than Last Year at This Time
Phoenix “Months of Supply” a year ago was 1.7 months. Now it’s 2.7 months.
Prices Surprisingly Flat for Typical-Sized Homes
The median sold price of homes from 1,000 to 2,000 square feet in metro Phoenix in July was about the same price as 2.5 years ago, in January 2022. Prices of homes in this size range have been surprisingly flattish since last summer.
However, in metro Phoenix, the median sold price of homes larger than 4,000 square feet fell from $2,000,000 in June to $1,650,000 in July.
The prices of luxury home do jump around a lot but they seem to have lost all upward momentum.
Secret #76 – A Huge Property Tax Loophole for Land Speculators
In a lot of places, including in metro Phoenix, property tax rates on land are often based on the land’s current use value instead of its current market value which essentially pays land speculators to delay building houses.
Full post is here.
And my entire “76 Secrets” project (in reverse order) is here.
Phoenix Rent Report: July 2024 – Apartment List
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.