Phoenix Home Prices Down in October

"In October, home prices fell substantially from the month before, with a median listing price of $462,500. The number of listings on the market grew 9.5% from last month, which is a bigger increase than normal for this time of the year in Phoenix, and homes are also selling slower than at the same time last year. Home prices in Phoenix Typically, home price per square foot in Phoenix tend to fall in October. But the most recent data shows that the price per square foot increased by 0.2% compared with the month before."

"Phoenix inventory In October, there were 3,735 homes for sale in Phoenix, which was 9.5% more than the month before and 25.3% more than the same time last year. Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001. The number of new listings in Phoenix was 1,370, which was 3.5% more than the month before and 1.0% less than the same time last year. Nationally, the number of new listings fell by 2.7% from last month to 384,264."

"Time on market Homes in Phoenix take an average of 60 days to sell, according to October figures. This is six days less than the previous month and nine days more than the same month last year. For comparison, nationally homes spent an average of 63 days on the market in October."

In October the median listing price in Phoenix was $462,500, representing a substantial month-over-month decline. Listing inventory in Phoenix increased 9.5% from the prior month to 3,735 homes, and inventory was 25.3% higher than one year earlier. New listings in Phoenix numbered 1,370, up 3.5% from the previous month but down 1.0% year-over-year. Price per square foot in Phoenix rose 0.2% month-over-month, outperforming the national per-square-foot decline of 0.8%. Homes in Phoenix averaged 60 days on market, six days faster than the prior month but nine days slower than the same month last year.

Read at SFGATE