For the first time this year, Phoenix area home prices showed a decrease month over month. This was not completely unexpected, as new contract activity slowed slightly last month with summer travel schedules keeping many would-be buyers out of the market. That said, the market still showed signs of strength, with the average sales price still exceeding the average listing price. Next month's results will be very important as we will learn more about whether this is the beginning of a trend or just a one-time dip. The complete, latest numbers are below.
The overall average home price in July compared to June decreased by 2.1%, moving from $514,520 to $504,220. The increase over July 2020 was 27%. The average sale price as a percentage of the listing price was 102% (meaning on average homes are selling above the asking price), and the average days on the market was 26. The average price per square foot decreased to $247.
Inventory increased to 6,505 homes for sale, and the number of homes sold decreased slightly to 8,521. This means that there is much less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices showed a few changes, with homes priced between $250,000 and $500,000 increasing as a percentage of inventory. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (6%), $250,000-$500,000 (46%), $500,000+ (45%).
Foreclosures and short sales continue to stay at their record low rates of 0.2% of the market and 0.1% respectively. They continue to be an insignificant portion of the market.
Here is a breakdown of the market changes, based on average sale price in July compared to June, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $543,946 to $539,490 (0.8%)
Anthem - Increased from $530,046 to $532,253 (0.4%)
Apache Junction - Decreased from $357,367 to $309,111 (13.6%)
Avondale - Increased from $350,405 to $384,256 (9.7%)
Buckeye - Decreased from $411,358 to $411,039 (0.1%)
Casa Grande - Increased from $283,259 to $298,362 (5.3%)
Cave Creek - (Median Price) Decreased from $755,000 to $687,000 (9.1%)
Chandler - Increased from $525,628 to $531,674 (1.2%)
Florence - Increased from $322,816 to $326,562 (1.1%)
Fountain Hills (Median Price)- Decreased from $605,000 to $472,000 (22%)
Gilbert - Decreased from $580,113 to $572,235 (1.4%)
Glendale - Increased from $385,243 to $395,678 (2.7%)
Goodyear - Decreased from $469,351 to $447,162 (4.7%)
Laveen - Increased from $408,542 to $430,321 (5.3%)
Litchfield Park - Increased from $504,218 to $520,718 (3.3%)
Maricopa - Increased from $350,960 to $357,609 (1.9%)
Mesa - Increased from $413,914 to $415,142 (0.3%)
Paradise Valley (median price) -Decreased from $2,842,000 to $2,335,000 (17.9%)
Peoria - Decreased from $483,921 to $477,971 (1.1%)
Phoenix - Increased from $450,531 to $450,581 (0.1%)
Queen Creek - Increased from $560,123 to $599,867 (7.1%)
San Tan Valley - Increased from $407,728 to $410,700 (7.3%)
Scottsdale - Decreased from $935,995 to $894,748 (4.4%)
Sun City - Increased from $304,384 to $308,426 (1.3%)
Sun City West - Increased from $353,540 to $386,358 (9.3%)
Surprise - Increased from $400,206 to $411,953 (2.9%)
Tempe - Decreased from $444,077 to $431,347 (2.9%)
