A lowering variety of gross sales all through the Phoenix, Arizona actual property market suggests a cooling-off interval, however for the way lengthy?
In line with information from the Arizona Regional A number of Itemizing Service, actual property gross sales are down -22.8% from June 2022 to July 2022, and down -31.6% year-over-year for the Phoenix Metro Space.
Whereas new itemizing stock within the space decreased by -13.0% from June to July however elevated by +7.2% in comparison with July 2021. In line with the report, the overall itemizing stock rose +15.4% from June to July and an astounding +92.2% improve year-over-year.
As well as, the common gross sales worth elevated +9.7% in comparison with July 2021, and the median gross sales worth elevated +12.0% in comparison with the identical time final 12 months. Days on market additionally elevated by +5 days year-over-year, and +3 days month-over-month was additionally up.
For luxurious dwelling consumers (listings $1,000,000 or extra) within the Scottsdale and Paradise Valley space, the variety of lively single-family residences available on the market has elevated by +7.8% to 762 lively listings from June till July 2022. As properly, the variety of common days on market has elevated 9.5% month-over-month to 46.
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Supply:
July 2022 STATS – ARM LS