The numbers for May are finalized, so let’s dive into our Metro Phoenix Housing Report.

Overall, the market is fairly stable with a slight increase in the number of homes and the total dollar volume sold, while days on market remain unchanged.

Although the average sale price decreased by $30,000 to just under $700,000, it still represents the second highest average sale price in Arizona’s history.

One concern for sellers would be the continuing rise in home inventory and the declining number of homes under contract, causing the Supply/Demand Ratio to fall below 50% for the first time since January.

Coupled with interest rates increasing for the third consecutive month and the onset of the slower summer season, I would recommend pricing homes at or slightly below recent sales to avoid sitting on the market for a prolonged period of time.

If you have any questions, please feel free to reach out to me at 602.770.7205.  Thanks, and have a great day.