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Metro Phoenix Real Estate Market Update - November 2016
 
Strong Phoenix Metro Home SalesThe holiday season is here! Hope you and your family's Thanksgiving celebration was stuffed with happiness. The weather has cooled but Phoenix Metro home sales is still on fire, at least compared to 2015 figures. Per the latest sales data presented by the Arizona Multiple Listing Service, total home sales in October 2016 ended at 6,981 units,  a 10.7% increase compared to last year.  Sales are down by 4.7% vs last month, which is something normal and expected due to seasonal patterns in the real estate market. Go here to continue reading about the latest market statistics: Nov 2016 Metro Phoenix Real Estate Market Update.
 
Phoenix Metro Real Estate Report SummarySales are Up. 6,981 units sold, +10.7% year-over-year, down -4.7% month on month
Inventory Up. Months supply of inventory for September was 3.29 with October currently at 3.59.
Home Prices Rise. October saw a jump in median sales price to $229,900. The median price of homes sold in Oct 2016 is up 7.9% from the previous year's $213,000.
It takes more time to sell your Arizona home. 76 days on the average, +3 days more when compared to last year's figures, +2 days more compared to September 2016.
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