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Phoenix Metro Real Estate Update | July 2022

July 30th, 2022

Home > Arizona Real Estate News > Phoenix Metro Real Estate Update | July 2022
Phoenix metro real estate update July 2022

Housing inventory around the valley is on the rise and sellers are scrambling to adjust as home values start creeping down. Time to review our Phoenix metro real estate update for July 2022. As of July 30, there are 17,985 active listings–compare this to March or even May of this year. The graph below says it all–highlighting the rise inventory of the past year.

Data provided by ARMLS

There are 7943 properties under contract with another 741 “coming soon” to market. Since July 1, 2022 there have been 6112 sales with average days on market of 32. Here are some other key stats for recently sold properties across the county:

  • Average dollars per square foot: $307
  • Average list to sale price ratio: .99
  • Average sale price: $547,221

The above graph only reflects data we have through the end of June–there is likely a three month supply of homes across the county. Mortgage rates have not come down enough to get would-be buyers off the fence–according to Mortgage News Daily, the average rate for a 30 year fixed mortgage is around 5.13%–while still reasonably low when taking into account historical figures going back 20-30 years, this rate is higher than we’ve experienced for quite some time.

We expect to see inventory rise a bit more over the next 30-60 days, but if rates come down below 5%, we may see increased buyer activity–especially as sellers lower home prices. Thank you for checking out our Phoenix metro real estate update for July 2022. If you have a question or need, reach out anytime.

Filed Under: Arizona Real Estate News, Phoenix Real Estate Market Tagged With: Arizona real estate, Arizona Real Estate News, Arizona Real Estate Stats, Maricopa County Real Estate, Phoenix homes for sale, Phoenix metro market stats, Phoenix Real Estate, Phoenix real estate market, Phoenix real estate market stats, Phoenix real estate news

About Luxe Real Estate Group

The Luxe Real Estate Group is a boutique firm offering residential and commercial clients the highest level of service and expertise in the industry. The agents of Luxe form a dynamic, hard-working and dedicated team who continually strive to exceed client expectations.. If you are thinking of buying or selling an Arizona home and would like to discuss your needs, find a Luxe agent now.

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