According to ARMLS, newly built home sales were up 7.7% yearly in August, accounting for just over one in every five home sales in Maricopa County.<\/p>\n
In August, homes listed for sale spent an average of 42 days on the market, a nine-day increase from July and a 13-day jump from the same period in 2021.<\/p>\n
Average and median sale prices rise for Phoenix homes<\/h3>\n
Homes that were listed and sold during the August market recorded an uptick in prices compared to the same month last year.<\/p>\n
Average new list prices for properties in the Phoenix metro rose 13.5% yearly in August, increasing from $512,200 to $581,400 over the span of a year. The median new list price also changed in the same month, growing 10.7% from $420,000 to $465,000 between August 2021 and August 2022.<\/p>\n
Homes sold in August went for a slightly higher price compared to a year ago. The average sale price for a Phoenix home rose to $549,300 while the median sale price increased to $445,000, up 11.9% and 9.9% year-over-year, respectively.<\/p>\n
Total home inventory sees improvement in August<\/h3>\n
The number of homes hitting the Phoenix market saw some growth in August, giving prospective buyers more choice.<\/p>\n
Total inventory of all Phoenix homes listed for sale jumped 5.2% between July and August. By comparison, this same metric was 37.5% in May according to ARMLS, marking a slowdown in the rate of supply growth.<\/p>\n
On a yearly basis, the growth in total home inventory was significant as the supply of housing soared 88.8% annually in August, rising from 11,562 to 21,832 listings in the span of a year. As of August, there is 3.56 months’ worth of supply, up from 3.48 in July.<\/p>\n
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