August was another quiet month fro closings so the affidavit counts are easier than usual. Here is what we found in Maricopa County:

• There were 1,635 new homes closed with a median price of $513,890. The unit count is up 7.6% from August 2021 and the median sales price is up 22%
• There were only 5,784 re-sales closed with a median price of $450,000. The unit count is down a massive 38% from August 2021 and the median sales price is up slightly less than 10%
• Overall there were 7,419 closings with a median price of $466,990. The unit count is down 32% and the median price is up 13.5%

We can see that closings were relatively strong in new homes and they comprised 22% of all closings in August, up from 14% a year ago. The new home median is slightly lower than last month but not significantly so. These prices were set many months ago when contracts were signed under much more favorable market conditions.

In the re-sale market prices are set much closer to closing and the median price is therefore much weaker, having dropped 7.4% since peaking in May. At $450,000 the median price for re-sales is back where it was in February. The closing count is the weakest monthly total since January 2016.

Market insights provided by The Cromford Report.