Price (green line)
The median home price in metro Phoenix fell to $198,900 in June. This is the first time the MLS median home price was below $200,000 since February 2005.
In June 2006, the median home price peaked at $264,800. That means the median home price was 33% higher two years ago.
Sales (blue line)
Homes sales in metro Phoenix in June were again very strong at 5,748 homes. That is the most homes sold in a single month since May 2007.
Home sales started out the season slow, we didn’t see big numbers in March this year like we usually do, but sales took off late in the season, May and June.
Listings (red line)
The number of homes listed for sale continued to fall from mid-June to mid-July… but not by much. The inventory of listings in the MLS had declined much more strongly in May and June.
Conclusion
Despite a relatively high number of homes sold in June via the metro Phoenix MLS, the median home price continued to decline and fell by 3% to $198,900 in June, the lowest median price since February 2005.
“MLS Listings” are measured at one point in time, usually the 15th day of the current month. “Median Price” of homes sold and the total number of home “MLS Sales” are for the entire preceding month.