Phoenix, AZ Real Estate Market Report - June 2018

Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000


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 May '18, Down 6%. from June '17)

Burn rate (Inventory on market / by homes currently under contract) =  2.42 months supply

Avg. Sale price (Solds): $309,052 (Up 1% from May '18, Up 9% from June '17)

Avg. price per sq. ft. (Solds): $167.86 (Down 11% from May '18, Up 9% from June '17)

Avg. Days on Market (Solds): 57 (Same as May '18, Down 7% from June '17)

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Joyce Marsh
Regal | Christie's International Real Estate - Orlando, FL
Regional Manager Regal Christie's Int'l Realty

This is good information to share with buyers and sellers about current real estate market trends. 

Jul 04, 2018 04:06 AM #1
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing 

Jul 04, 2018 04:37 AM #2
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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