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Phoenix, AZ Real Estate Market Report - June 2018

Activity fell off, but prices continued to rise in the Phoenix, AZ real estate market through June.  The number of homes sold dropped 9% versus May, and were down 6% from last year. The average sale price was up 1% over May, and up 9% over June 2017. The number of homes on the market was virtually the same compared to May (up 9 homes), but is still down 5% versus last year.  The 12 month moving average sale price, now at $287,144 (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) increased slightly to 2.42 months supply.  The price per square foot decreased 11% versus May,  but was up 9% from last year. Pending sales in June were 2,461 probably leading to another month of declining sales in July for the Phoenix, AZ housing market. 
Here are the latest stats for the month ending 6/30/18:
Active Listings: 3,494 (Same as May '18, Down 5% from June '17)
Homes Pending: 2,461 (Down 10% from May '18, Down 3% from June '17)
Homes sold in last 30 days: 2,068 (Down 9% from ... more

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