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Phoenix real estate seeing shift from sellers market to buyers market – Arizona’s Family

PHOENIX (3TV/CBS 5) — Looking for a new home? While prices have been sky-high for the past few months across the Valley, the market is cooling off and some homes are selling for less than what’s listed.

That’s according to the latest Phoenix metro housing data from RE/MAX in its National Housing Report for August 2022. And it’s a sharp change from earlier this year. Go back to May 2021 and the median home price in the Phoenix area was $392,500. In May of this year, the median home price was $480,000. The upward trend continued and remained a sellers market, even during a market cooldown over the summer.

In the new RE/MAX report, the median sale price of a Phoenix area home is $449,900. That’s up 10.8% year-over-year, but down 2.2% month-over-month. Here are some other stats covering the month of August:

  • 5,902 closed transactions – down 31.4% year-over-year, up 2.4% month-over-month
  • 10,139 new listings – down 14.1% year-over-year, down 30.7% month-over-month
  • 39 days on market (average) – up 36.9% year-over-year, up 72.3 month-over-month

A few key takeaways include that considerably more homes were sold in August 2021, there are fewer homes available and the properties that are for sale are sitting unsold longer. Factor in rising mortgage interest rates pricing would-be buyers out of the market, and demand drops. So are prices.

And with the rebalancing of the housing market, there’s a reduction in bidding wars and sellers are actually starting to accept offers less than the original listing price. Happy house hunting!

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