Supply registers just below 60% of what would be considered typical or average, making it tough for buyers to find the right home. Elevated mortgage rates are perhaps a bigger deterrent for would-be sellers than for would-be buyers. Not only were homes purchased in 2020, 2021, and early 2022 at great rates, but a large number of refinances also took place. The increase in mortgage rates is the key reason new listings have declined sharply year over year. New inventory was down 19.1% year over year, which is consistent with the decline in sales volume. This suggests that despite a decline in sales volume, the demand for homes in the Phoenix market is still strong. The median sales price of a home also increased for the second consecutive month, rising 1.9% month over month, an increase of $7,900. However, the average sales price of a home increased for the second consecutive month, rising 3.4% month over month, an increase of $17,600. Sales volume in the first quarter of 2023 was down 22.1% year over year. The median sales price also decreased by 8.7% year over year to $419,900. Phoenix Metro Area: According to the Arizona Regional Multiple Listing Service, there were 7,417 home sales reported by ARMLS, which is a decline of 22.1% year over year. Phoenix Housing Market Report For March 2023 The same report suggests that Arizona could be one of the states to experience the most significant drop in housing prices in the West. The metro area has the fifth-highest percentage of house listings with a price cut (39.61%), which is 25% points higher than a year ago.Īnother report obtained by Arizona's Family predicts that the Phoenix housing market could see a price drop of up to 25% in 20, similar to the 2008 Great Recession. To uncover where housing markets are cooling off most, SmartAsset analyzed the 100 largest metro areas, 92 of which had complete data. According to CoreLogic HPI, Phoenix Metro continued to experience price increases in February with a growth of 0.1% year over year. The latest forecast is that Phoenix-Area home prices are projected to grow by 1.0% between March 2023 to March 2024. Buyers should expect increasing competition from each other as they chase a dwindling number of homes for sale, while sellers will have the upper hand in negotiations.ĪLSO READ: Arizona housing market forecast 2023Īccording to Zillow's home value index, typical property values in Phoenix-Mesa-Scottsdale Metro declined by 1.3% over the last twelve months. Projections for the Phoenix housing market suggest that while the median sales price may rise slightly in the coming months, sales volume may continue to decrease. However, boomers may provide some relief to the current shortage of inventory if they decide to sell and downsize. The decline in new inventory can be attributed to the increase in mortgage rates, making it difficult for would-be sellers to find the right home. The latest data show that the Phoenix housing market has seen a decline in sales volume but an increase in prices, which suggests that demand for homes is still strong. AZ Housing Market: Prices And Forecast 2023.Florida Real Estate Forecast Next 5 Years: Will it Crash?.Tennessee Housing Market: Prices, Trends, Forecast 2023.Frisco Housing Market: Prices, Trends, Forecast 2023.Tacoma Housing Market: Prices, Trends, Forecast 2023.Sioux Falls Housing Market: Prices, Trends, Forecast 2023.Savannah Housing Market: Prices, Trends, Forecast 2023.Housing Market Crash 2023: Will Real Estate Crash Again?.Will Home Prices Drop in 2023: Housing Market Predictions 2023.Housing Market Forecast 2024 & 2025: Predictions for Next 5 Years.Spokane Housing Market: Prices, Trends, Forecast 2023.Sarasota Housing Market: Prices, Trends, Forecast 2023.
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