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July 29, 2022 Market Update

Friday, July 29, 2022   /   by Bryan Baylon

July 29, 2022 Market Update

Of all the large cities in Central Arizona, Phoenix is showing the weakest pricing at the moment. Here is the weekly chart showing the average sales price for single-family homes in Phoenix:
Screen Shot 2022-08-01 at 11.50.56 AM.png

Having peaked at $627,135 in mid-June, the average has fallen by over 9% to $569,056. This takes us back to the levels we last saw in February.

It is not an anomaly of the average price, because the median price chart is similar:
Screen Shot 2022-08-01 at 11.52.03 AM.png

The median sales price peaked at $498,000 at the beginning of June and has since fallen by 8% to $460,100.

The average price per square foot chart is a little less negative:
Screen Shot 2022-08-01 at 11.52.59 AM.png

Here the peak of $323.83 was reached in late May and the $/SF has declined just over 5% since then.

It is not clear to me why Phoenix should take the lion's share of the price weakness, but as it represents about 25% of the entire market, it has a strong influence on the overall market numbers. Also looking rather weak are Chandler, Glendale, Mesa, Scottsdale, Sun City, Sun City West and Tempe.

Showing little to no sign of average $/SF declines are Arizona City, Avondale, Buckeye, Casa Grande, El Mirage, Fountain Hills, Maricopa, Sun Lakes and Surprise.

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
602-410-0827

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