10/13/2023 0 Comments Present time in phoenix arizona![]() ![]() The average new list prices in the Phoenix housing market saw a year-over-year decline of -1.7%, while the median list prices experienced a more significant drop of -6.1%. Low inventory levels can lead to increased competition among buyers and may impact pricing dynamics in the market. Total inventory also faced challenges, with a month-over-month decrease of -4.4% and a year-over-year decline of -19.8%. New inventory in June suffered a month-over-month decrease of -3.1%, while the year-over-year comparison showed a significant drop of -41.8%. This dip in sales volume indicates a cooling trend in the market, possibly influenced by various factors like inventory constraints and changing buyer preferences. In June 2023, home sales in the Phoenix metro area experienced a month-over-month decline of -8.1% and a year-over-year decrease of -6.0%. As we transition to the off-season, market fluctuations are expected, but reports of a collapse in housing values in 2023 are deemed unlikely. ![]() However, the market remains relatively robust, with the reported median sales price of $443,000 in June marking a potential high-water mark for the year. Phoenix Metro Area: According to the Arizona Regional Multiple Listing Service, the Phoenix housing market in June 2023 showed signs of cooling, with declining sales and inventory challenges impacting pricing trends. The latest forecast is that Phoenix-Area home prices are projected to grow by 6.4% between June 2023 to June 2024. Whether you're a potential homebuyer or seller, an investor seeking growth opportunities, or simply a keen observer of the market, it will help you to uncover the Phoenix housing market's current state and its projected trajectory in 2023.ĪLSO READ: Arizona housing market forecast 2023Īccording to Zillow's home value index, typical property values in Phoenix-Mesa-Scottsdale Metro declined by 6.7% over the last twelve months. In this analysis, we will explore the key factors influencing the Phoenix housing market, including the latest pricing trends, shifts in demand and supply, and a forward-looking forecast that provides valuable insights for those navigating the real estate landscape. As we delve into 2023, it becomes crucial to understand the prevailing prices, trends, and forecasts that shape the real estate landscape in the Valley of the Sun. The Phoenix housing market has been a focal point of interest for homebuyers, sellers, and investors alike, offering a dynamic landscape of opportunities and challenges. Housing Market Crash: What Happens to Homeowners if it Crashes?. #PRESENT TIME IN PHOENIX ARIZONA HOW TO#
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