Total inventory in the Phoenix region grew 15% between June and July to 20,746 properties. The number of homes on the market has nearly doubled from July 2021, rising 92.2% annually to 10,793 listings.<\/p>\n
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- Tiny homes for sale in Arizona offer a mini alternative to mainstream<\/a><\/li>\n
- New homes in Phoenix under $400k<\/a><\/li>\n
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ARMLS reported that 87% of July\u2019s inventory was an active listing, representing 17,951 homes for sale. UCB (Under Contract Accepting Back-Up Offers) listings accounted for 11% of the market\u2019s inventory, about 2,342 listings, while the remaining 2% of the market consisted of CCBS (Contract Contingent on Buyer Sale) listings.<\/p>\n
In July, there was 3.48 months\u2019 supply of inventory. This is an improvement from June, when 2.33 months of housing was available.<\/p>\n
July home sales at the lowest level since 2007<\/h3>\n
The number of Phoenix metro homes bought declined in July to the lowest level seen in years.<\/p>\n
On a yearly basis, home sales dropped 31.6% to 5,962 sales, a steeper decline than monthly transactions, which were down 22.8% in July. This drop marks the second-lowest sales total ever reported in July, with the lowest recorded in July 2007, when there were only 4,730 sales.<\/p>\n
Meanwhile, properties are sitting on the market longer. In July, Phoenix homes spent an average of 33 days on the market, up five days from a year ago and a monthly increase of three days from June.<\/p>\n
Compared to 2021, prices for new homes hitting the market have been rising. The average new list price for a Phoenix home was $592,900 in July, up 14.3% compared to the same month in 2021. Median new home list prices were also up 17.1% yearly to $480,000.<\/p>\n
Homes sold in July reported a lower monthly average sales price but better annual results. The average sales price grew 9.7% year-over-year to $546,800, up from $498,600. Every month, average sales prices were down 7.4% compared to $590,800 in June.<\/p>\n
Similarly, median home prices grew 12% annually in July to $453,500 but dropped 4.5% month-over-month.<\/p>\n
Median sales price of $444,900 projected for August<\/h3>\n
When the next set of ARMLS data is released, we\u2019ll likely see monthly prices and sales volume drop.<\/p>\n
Tom Ruff, a data analyst with The Information Market, stated in the report that the ARMLS Pending Price Index is projecting median sales price of $444,900, which would result in a 9.85% year-over-year gain. However, median prices would drop monthly.<\/p>\n
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