Feb 23, 2023 - Real Estate

Phoenix home prices holding steady after months of decline

Data: Redfin; Chart: Axios Visuals

The average home price in the Phoenix metro remained flat between December and January after about six months of declines, according to Redfin data.

Why it matters: Any relief from the sky-high home prices we saw a year ago is welcome, especially as mortgage rates creep up.

By the numbers:

  • Phoenix's median home sales price was $425,000 in January, down almost 5% from the same time last year.
  • Inventory was up almost 1% from last year.
  • Homes sat on the market for a median of 73 days in January, up 40% from last year.

Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago, and sales fell for the 12th month in a row, according to the latest from the National Association of Realtors.

  • The national median home sales price in January was $359,000.
  • Sales are down 36.9% from the previous year.
  • As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What's next: Spring, typically marked by high demand, more competition and higher home prices, is right around the corner.

  • If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.
  • Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.

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