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August 1, 2022 Market Update

Monday, August 1, 2022   /   by Bryan Baylon

August 1, 2022 Market Update

 The average sales price per square foot for closed listings dropped sharply between June and July, as shown in the daily chart below:
Screen Shot 2022-08-02 at 11.40.30 AM.png

At $286 we are back down to the level we last saw in early March.

That is a 5% drop in July, much larger and faster than we were expecting. The average price dropped even more, from $592,275 to $546,888, a fall of about 8%.

Unfortunately this means those who purchased in May or June 2022 with very small down-payments could now be experiencing negative equity.

Market incites provided by the Cromford report.
Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

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