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November 6, 2022 Market Update

Sunday, November 6, 2022   /   by Bryan Baylon

November 6, 2022 Market Update

The affidavits of value have been counted for Maricopa County in October and they reveal the following statistics:

  • There were 6,019 closed transactions - down 42% from October 2021
  • New home closings totaled 1,410 - up 4% from October 2021
  • Re-sale closings numbered 4,609 - down 49% from October 2021
  • Overall median sales price was $470,000 - up 11.2% from October 2021
  • Median new home sales price was $529,148 - up 18.3% from October 2021
  • Median re-sale home price was $447,500 - up 6.5% from October 2021

We can see that new homes are still faring much better than re-sales with a new record high median sales price, up 2.3% from last month. New homes now represent 23.4% of all closings.

Re-sale closings are down dramatically - the lowest monthly total since January 2009. The re-sale median sales price has fallen 8.1% since the peak of $486,000 in May 2022, but rose slightly during October..

All these numbers are for single-family detached, condos and townhomes combined.

Market insights 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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