Low sales matched by a low number of houses hitting the market. Market kinda balanced!
Monthly Median Sold Price
The median price has been more or less flat since December after falling fast from May to December. We’re in the high season for Phoenix real estate now so, if prices are going to increase, it will be now through June.
Despite low numbers of houses being sold, prices aren’t falling because people are putting an unusually low number of houses up for sale, too. So, the number of houses for sale is less than in 2019, pre-Covid.
Great analysis of the Phoenix real estate market from Tom Ruff.
My latest think piece is now online, “Congress Could Have Prevented 500,000 Foreclosures During The Great Recession But Chickened Out“
Click on the graphs to go to the full-size, interactive version.
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.
- Phoenix Weekly Market Updates 2023
- Phoenix Weekly Market Graph (only)
- Long-term Phoenix real estate market graphs