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October 4, 2022 Market Update

Tuesday, October 4, 2022   /   by Bryan Baylon

October 4, 2022 Market Update

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

  • There were 7,174 closed transactions - down 36% from September 2021
  • New home closings totaled 1,599 - down 4% from September 2021
  • Re-sale closings numbered 5,575 - down 42% from September 2021
  • Overall median sales price was $462,994 - up 11.6% from September 2021
  • Median new home sales price was $517,456 - up 25.3% from September 2021
  • Median re-sale home price was $445,000 - up 7.2% from September 2021

We can see that new homes are faring much better than re-sales with a new record high median sales price, up 1% from last month. New homes now represent 22.3% of all closings.

Re-sale closings are down dramatically - the lowest monthly total since January 2016. The re-sale median sales price has fallen 8.4% since the peak of $486,000 in May 2022.

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
602-410-0827

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