A decreasing number of sales throughout the Phoenix, Arizona real estate market suggests a cooling-off period, but for how long?
According to data from the Arizona Regional Multiple Listing Service, real estate sales are down -22.8% from June 2022 to July 2022, and down -31.6% year-over-year for the Phoenix Metro Area.
While new listing inventory in the area decreased by -13.0% from June to July but increased by +7.2% compared to July 2021. According to the report, the total listing inventory rose +15.4% from June to July and an astounding +92.2% increase year-over-year.
In addition, the average sales price increased +9.7% compared to July 2021, and the median sales price increased +12.0% compared to the same time last year. Days on market also increased by +5 days year-over-year, and +3 days month-over-month was also up.
For luxury home buyers (listings $1,000,000 or more) in the Scottsdale and Paradise Valley area, the number of active single-family residences on the market has increased by +7.8% to 762 active listings from June until July 2022. As well, the number of average days on market has increased 9.5% month-over-month to 46.
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July 2022 STATS – ARM LS