"In November, home prices fell substantially from the month before, with a median listing price of $450,000. The number of listings on the market shrank 1.1% from last month, 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 price per square foot in Phoenix tend to rise in November."
"But the most recent data shows that the price per square foot decreased by 0.5% compared with the month before. So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in the Valley of the Sun are smaller the national market. In November, there were 3,698 homes for sale in Phoenix, which was 1.1% less than the month before and 20.6% more than the same time last year."
In November, Phoenix median listing price was $450,000 and month‑over‑month home prices fell substantially. Listings on the market totaled 3,698, down 1.1% from the prior month and up 20.6% year‑over‑year. Price per square foot in Phoenix declined 0.5% month‑over‑month despite typical seasonal increases. National price per square foot decreased 1.2%, indicating smaller declines in Phoenix than nationwide. Active inventory across the U.S. fell 2.5% to 1,072,266. Homes in Phoenix averaged 63 days on market, two days longer than the previous month and nine days longer than the same month last year; the national average was 64 days.
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