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Phoenix, AZ Monthly Market Report - Nov. 2016


 
The Phoenix, AZ real estate market continued to hit the brakes a bit the month of November.  The number of homes sold was down again, -8% from October, but up  27% from last year. The year over year price increase continues to move in the right direction, although at a little less steep trajectory,  up 10% over November 2015. The 12 month moving average sale price is now $255,706, up 7% from the previous year and inching closer to our pre crash highs.  The number of homes on the market is 4.039, down 2% over October,  with the days on market at 64, same as last year, and still within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) edged up to 2.84 months supply. The Phoenix, AZ housing market is stable, but there are still signs of a slow down. Stay tuned for future reports.
Here are the latest stats for the month ending 11/30/16:
Active Listings: 4,039
Homes Pending: 2,197
Homes sold in last 30 days: 1,529 (Down 8% from Oct. '16, Up 27% from Nov. '15 )
Burn rate (Inventory on market / by homes currently under contract) =  2.84 months supply
Avg. Sale price (Solds): $265,018 (Up 3% from Oct. '16, Up 10% from Nov. '15)
Avg. price ... more

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