Phoenix among 5 markets with biggest home price decrease

By: AZ Big Media 

The housing market decelerated throughout 2022 creating more opportunities for homebuyers, in stark reversal of the frenzied seller's market of the previous year, according to the RE/MAX® National Housing Report for December 2022. The year's most telling stats were punctuated in December: Home sales were down 38% from a year ago while the number of homes for sale was up 69% in the report's 53 metro areas. And Phoenix was in the mix, ranking No. 5 for the biggest year-over-year home price decrease and No. 2 for biggest increase in listings.

Sales in every month of 2022 fell short of the previous year, with the percentage of decline starting out in single digits during the first quarter before topping 30% in the fourth quarter. The Median Sales Price of $385,000 was 1.3% higher year over year in December, compared to 13.9% higher year over year last January.

"The past three years have each had a unique context – and 2022's included quickly rising interest rates and the difficult year-over-year comparisons to the extremes of 2021. Ultimately, though, it was a fairly good year for home sales by historical standards," said Nick Bailey, RE/MAX President and CEO. "Looking forward into 2023, the higher-interest rate environment clearly poses some challenges – but as buyers, sellers and agents recalibrate their expectations, sales will continue to occur. Demand hasn't gone away. The question is which real estate professionals have the skills, experience, resources and adaptability to provide the guidance consumers will continue to need.

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