Phoenix sees biggest drop in new housing listings, median prices in the nation
PHOENIX (3TV/CBS 5) - A new report is out showing the housing market in the Phoenix area has slowed down a lot compared to June and even last year. According to RE/MAX, the Valley was the largest drop in new listings in July 2023 compared to July 2022, at 59.3%. Phoenix also saw the biggest decrease in median sales prices, with a drop of 4.4% in July compared to the same time last year. Nationally, home median sales price remained constant compared to last year but dropped 2.2% compared to June.
When it comes to home sales, Phoenix saw a 20.7% decline in July compared to June and a 3.4% slide compared to the same time last year. The average home for sale stayed on the market for 45 days in July, up 99% compared to the same time last year, but it’s down 5.8% from June 2023 to July 2023. Interest rates haven’t helped the housing market at all. Thirty-year fixed mortgage rates jumped to 7.09% this week, the highest they’ve been since April 2002.
CONTINUING COVERAGE: Arizona’s Housing Crisis
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