Latest Housing Stats from ARMLS

After two straight years of strong sales activity and rapidly rising home prices, our market is cooling and cooling rapidly, with a balanced market next on the horizon. There may still be a buyer or two out there that has not received the memo, but for the most part, the days of multiple offers and bidding wars have ended as “For Sale” signs begin to multiply. A sudden increase in interest rates and record home prices have sent many potential buyers to the sidelines. The days of sellers boasting in TV and radio commercials about receiving $100,000 over their asking price will soon become a relic from a different age, and I for one can say, “It’s about time.” The time has come for sellers to reset their expectations while buyers will have a chance to consider a few more options before making their decision. These changes may be a welcome relief for agents who have seen multiple housing cycles. As for the newer agents that have only experienced the current sellers’ market, it’s time to add a few new tools to your toolbox. To paraphrase Jimmy Dean,“You can’t change the direction of the wind, but you can adjust your sails to always reach your destination.”

JUNE NUMBERS AS REPORTED BY ARMLS:
• Sales volume was down year-over-year by 20.1%.
• The median sales price was $475,000, up 18.8% year-over-year.
• The median sales price for June matched May’s $475,000.
• Barring all potential buyers in Phoenix winning the lottery, the median sales price of $475,000 will be the highwater mark for the year.

• The average sales price in June was $590,800, up 16.3% year-over-year.
• The average sales price as reported by ARMLS hit its high-water mark for the year in April at $591,100.
• Year-over-year gross dollar volume was down from $4.91 billion to $4.56 billion year-over-year.
• The 7.1% decline in gross dollar volume was the first month we’ve seen a year-over-year decline since the onset of COVID-19.
• As of today, supply is up 38.6% month-over-month and 237.3% year-over-year.

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Posted by Christa Cooper

I'm always available and In Business for You! I specialize in resales, investor flips/rentals, new home builds and helping 1st-time homebuyers!

equal housing opportunity
Christa 480-888-5272 text email Rhonda 480-241-8406 text email
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