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.