Phoenix Home Prices Holding Steady After Months of Decline

Article originally posted on HERE on February 23, 2023

Median Home Sale Price in the Phoenix Metro Area and the U.S.

The average home price in the Phoenix metro remained flat between December and January after about six months of declines, according to Redfin data.

Why it matters: Any relief from the sky-high home prices we saw a year ago is welcome, especially as mortgage rates creep up.

By the numbers:

• Phoenix’s median home sales price was $425,000 in January, down almost 5% from the same time last year.
• Inventory was up almost 1% from last year.
• Homes sat on the market for a median of 73 days in January, up 40% from last year.

Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago, and sales fell for the 12th month in a row, according to the latest from the National Association of Realtors.

• The national median home sales price in January was $359,000.
• Sales are down 36.9% from the previous year.
• As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What’s next: Spring, typically marked by high demand, more competition and higher home prices, is right around the corner.

• If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.
• Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.