In July, the demand for homes remained strong, keeping prices high and inventory low. All data has been pulled from the ARMLS® from 7/1/2021-7/31/2021. Check out below to see how the Phoenix-area housing market performed in July.
In July, sales decreased by 9.8% landing at 8,715 homes sold compared to 9,661 in June. Sales also decreased by 15.4% compared to July 2020.
The average list price continued to rise, increasing by 24% from the previous year. The average list price in July was $518.7K, a very slight increase from the previous month at $518.4K. Median prices also remain on the rise with a 26.2% increase from July 2020.
The average closing price in July was $498.6K, a slight decrease from the previous month at $507.9K. The average sales price increased by 27.3% from July 2020, as well as the median sales price with an increase of 28.6%.
Days on Market (DOM)
Homes are continuing to sell rapidly in Phoenix. The Average Days on Market in July was 28. This is a one-day decrease from the previous month and a 27-day decrease from July 2020.
A Message From Wayne Graham, Head of Real Estate
“Supply has had a major impact on the Phoenix housing market. Phoenix grew at a faster rate than any other major city in the past decade, becoming the fifth-largest city in the nation. With an increased population and record low-interest rates, our market is struggling to keep up with the demand. However, there is hope the market will become balanced in the second half of 2021.”
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