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:

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:

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:

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.