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Phoenix Housing Market Update July, 2019
The City of Phoenix consists of just over 1.6 million residents and is estimated to be the most populous city by 2020 in the US.
This housing market update reflects charts updated to 7/13/19.
The first graph reflects active listings of 3,229, which is lower than any point in time in the last 4 years.
The Cumulative Days on Market is 60 days, versus 55 days a year ago. Homes are taking 60 days to sell, but there are fewer of them. If a home is listed for sale in July and it's priced well, it should sell relatively quickly since there are fewer listings for sale. But if you over-price a home in a hot summer market, it may sit a while longer.
The Median Sales Price has risen to $256,000 in Phoenix, which surpasses the high price in June, 2007 of $247,000. Compare to the bottom of the market in April, 2009 when the median price was $64,900. Phoenix had one of the worst foreclosure markets in the country, with the official bottom of the market stated as April, 2011, but this chart clearly relfects a couple of gains in the market between 2009 and 2011 when the median price was $69,900.
The Months ... more
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