Since January, residential real estate activity has been hurt by high interest rates and a lack of buyer inventory. The data is starting to reflect better news.
According to data from Phoenix REALTORS®, residential transactions closed in September increased slightly from August after months of decline. The number of contracts closed rose by 1.2% in the same month.
“It’s too early to call it a trend, but it’s good to see an upward trend,” said Cheryl Bowden, president of Phoenix Realtors. “With interest rates continuing to fall for three months into the fall, and the peak sales season approaching, the market may be changing.”
Since January, residential real estate activity has been hurt by high interest rates and a lack of buyer inventory. The data is starting to reflect better news.
The number of new listings has increased by 13.9% since January compared to the same period in 2023. Inventory in September increased by 42.8% compared to September last year. The year-to-date closing price has increased by 3.2%, and the number of days on market from listing to sale has decreased by 4.5% to 64 days.
“The prices paid for housing continue to rise,” Borden said. “Single-family homes remain a bargain in Greater Phoenix compared to other major markets.”
Median sales price increased 4.2% compared to 2023 year-to-date data to $475,000. The asking price percentage received has remained stable throughout the year at over 98% of list price.
The median sales price in Queen Creek has doubled from approximately $325,000 in 2020 to $649,000 through September 2024. The year-to-date figure is an 8.8% increase compared to the same period in 2023. The number of new listings this year increased by 8% compared to last year, while the number of pending and pending new listings increased by 8% compared to last year. Year-to-date sales have declined by about 10%. Days on market decreased from 85 days to 84 days.
“We are encouraged by the numbers for Greater Phoenix. Individual city results are mixed compared to the market average,” Borden said.
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