"In July, home prices fell substantially from the month before, with a median listing price of $509,725. The number of listings on the market shrank 3%, which is a bigger decrease than normal for this time of the year in Phoenix, and homes are also selling slower than at the same time last year. Typically, home prices in Phoenix tend to fall in July. And the most recent data shows that the price per square foot decreased by 1.6% compared with the month before."
"In July, there were 2,802 homes for sale in Phoenix-3% less than the month before and 54% more than the same time last year. And there were 1,248 new listings, which is 3% less than the month before and 3% more than the same time last year. Nationally, active inventory rose by 15% in July, and the number of new listings fell by 6% over the same period."
Home prices in Phoenix fell in July, with a median listing price of $509,725. The price per square foot decreased 1.6% compared with the month before. Phoenix’s inventory totaled 2,802 homes for sale, 3% fewer than the previous month and 54% more than the same time last year. There were 1,248 new listings, down 3% month-over-month and up 3% year-over-year. Nationally, home prices decreased 1.2%, active inventory rose 15% in July, and new listings fell 6%. Homes in Phoenix spent an average of 51 days on the market, two days longer than the prior month and nine days longer year-over-year. The national average days on market in July was also 51.
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