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Phoenix, AZ Real Estate Market Report - May 2018

The Phoenix, AZ real estate market ratcheted back up in May, with prices heading up too.  The number of homes sold was up 9% versus April, but down 2% from last year. The average sale price was up 5% versus April, and up 12% over May 2017. The number of homes on the market declined by 1% versus April, but is still down 7% versus last year.  The 12 month moving average sale price, now at $284,774 (up 8% from the previous year), continues to edge up.  The days on market is at 57, down 8% from last year and well within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) decreased slightly to 2.28 months supply.  The price per square foot increased 17% over April,  but was down 17% from last year. Pending sales in April were 2,729 foreshadowing a moderate report in June for the Phoenix, AZ housing market. 
Here are the latest stats for the month ending 5/31/18:
Active Listings: 3,485 (Down 1% from Apr. '18, Down 7% from May '17)
Homes Pending: 2,729 (Same as Apr. '18, Down 2% from May '17)
Homes sold in last 30 days: 2,264 (Up 9% from Apr. '18, Down 2%. from May '17)
Burn rate (Inventory on market / ... more

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