Phoenix drops to No. 41 among hottest housing markets
By: AZ Big Media
After two years of stiff competition and fast-rising prices, the residential housing market in the U.S. began cooling quickly over the second half of 2022 and beginning of 2023. That is particularly true in Phoenix, where the once sizzling sector has dropped to No. 41 among the hottest housing markets in the U.S., according to a new report by Construction Coverage.
Here is a summary of the data for Metro Phoenix:
- Composite score: 27.1
- Median sale price: $441,268
- 1-year change in median sale price: -1.4%
- Share of homes that sold above asking: 39.6%
- Median number of days on the market: 33.4
- Average sale-to-list percentage: 100.0%
- Share of listings with price drops: 31.6%
For reference, here are the statistics for the entire United States:
- Composite score: N/A
- Median sale price: $409,056
- 1-year change in median sale price: +1.3%
- Share of homes that sold above asking: 44.2%
- Median number of days on the market: 25.8
- Average sale-to-list percentage: 100.9%
- Share of listings with price drops: 14.3%
After home prices rose approximately 40% in a two-year span, many buyers have found themselves unable to afford property. Inflation in other sectors and declines in the stock market have made it more difficult to build up the savings needed to buy a home. On top of this, rising interest rates have increased costs to borrow, which has reduced the budget for many buyers—especially first-time buyers without existing equity or large down payments. These factors have slowed the market considerably.
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