In July 2023, Knock anticipates that the Phoenix-Mesa-Chandler metro housing market will favor buyers, shifting from its July 2022 \u2018neutral\u2019 position on the index. This is a noticeable change in direction from a year earlier when Phoenix\u2019s real estate market was strongly in favor of sellers.<\/p>\n
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On a list of the 25 top buyer\u2019s markets in the nation next year, the Phoenix metro will rank in second place overall, one space behind Boise City. At present, Phoenix is the fifth-best buyer\u2019s market nationally as of July 2022, falling behind the Salt Lake City, San Jose-Sunnyvale-Santa Clara, San Francisco-Oakland-Berkeley, and San Diego-Chula Vista-Carlsbad metros.<\/p>\n
\u201cAfter 12 months of record-setting markets for sellers, the national housing market has started to move toward favoring buyers,\u201d stated Knock\u2019s report.<\/p>\n
Next summer, Knock forecasts that the median Phoenix sale price will rise to $495,776, up more than $30,000 from the current median price of $460,000. However, properties listed for sale in July 2023 are expected to stay on the market a little longer compared to 2022, with a median of 21 days on the market instead of 19 days.<\/p>\n
In July 2023, 4,215 Phoenix homes are predicted to exchange hands, significantly more than the 3,759 properties that were sold in the same month this year.<\/p>\n
Housing markets see change in mid-2022<\/h3>\n
U.S. housing market conditions have started to change as of late.<\/p>\n
In July, Knock reported that fewer than 150,000 homes were sold across the nation’s 100 most active housing markets, the lowest monthly sales figure in the last 12 months and a 50.7% year-over-year drop. Meanwhile, national housing inventory increased 6.8% and the median days on market grew 27.3%.<\/p>\n
Knock explained that all markets favored sellers at historic levels in early 2022, with the seller’s market index reaching an all-time high for its month in each of the first five months of the year. In June and July, the market fell below monthly historic peaks and towards buyer favorability for the first time since May 2021. However, June and July still rank in the top 20 most favorable months for sellers nationwide since 2017, Knock stated.<\/p>\n
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