The Phoenix real estate market continued its slower pace through the summer months, with most of the market measurements remaining relatively unchanged. Potential buyers continue to wait for interest rates to decrease, and because many of those buyers are also home sellers, the inventory has stayed low despite the lower number of sales. We are still predicting that there will be no major changes to the market as long as interest rates remain higher. The complete, latest numbers are below.
The overall average home price in June compared to May decreased by 0.8%, moving from $606,381 to $601,749. The year over year increase over June 2023 was 2.1%. The average sale price as a percentage of the listing price was 98% (meaning on average homes are selling for 2% below the asking price), and the average days on the market was 63. The average price per square foot decreased to $314.
Inventory increased to 15,744 homes for sale, and the number of homes sold decreased to 5,829. This means that there is a two and a half month supply of homes on the market, which is a slight seller's market.
The breakdown of home prices stayed relatively the same. The percentages of available homes are: $0-$250,000 (9% of the market), $250,000-$500,000 (41%), $500,000-$750,000 (25%), $750,000+ (25%). (27%).
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 June compared to May, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $607,071 to $673,446 (10.9%)
Anthem - Decreased from $687,324 to $653,591 (4.9%)
Apache Junction - Decreased from $533,994 to $431,674 (19.2%)
Avondale - Increased from $427,780 to $440,644 (3.1%)
Buckeye - Increased from $447,740 to $454,624 (1.5%)
Casa Grande - Decreased from $340,108 to $336,388 (1.1%)
Cave Creek - (Median Price) Decreased from $835,000 to $819,000 (1.9%)
Chandler - Increased from $641,179 to $692,959 (8.10%)
Florence - Increased from $372,638 to $375,113 (0.6%)
Fountain Hills (Median Price)- Decreased from $755,000 to $665,000 (12.1%)
Gilbert - Increased from $740,398 to $759,930 (2.6%)
Glendale - Decreased from $501,035 to $494,621 (1.3%)
Goodyear - Decreased from $530,004 to $528,561 (0.3%)
Laveen - Increased from $484,631 to $539,209 (11.3%)
Litchfield Park - Increased from $579,318 to $594,358 (2.6%)
Maricopa - Decreased from $376,041 to $367,303 (2.3%)
Mesa - Decreased from $585,537 to $555,754 (5.1%)
Paradise Valley (median price) -Decreased from $3,900,000 to $3,100,000 (20.5%)
Peoria - Decreased from $622,671 to $602,636 (3.2%)
Phoenix - Decreased from $639,424 to $628,833 (1.7%)
Queen Creek - Increased from $586,083 to $595,699 (1.6%)
San Tan Valley - Decreased from $456,924 to $446,911 (2.2%)
Scottsdale - Increased from $1,528,911 to $1,645,857 (7.6%)
Sun City - Increased from $354,719 to $364,364 (2.7%)
Sun City West - Decreased from $447,698 to $404,327 (9.7%)
Surprise - Decreased from $477,879 to $474,670 (0.7%)
Tempe - Decreased from $572,465 to $556,705 (2.8%)
