What's happening in Arizona's housing market in 2023?

for all housing types, down 3.2% from a year ago. However, real estate firm Redfin reports that the median sales price for all housing types in Arizona in May 2023 was $436,100, down 6.2% from the previous year. Despite the difference in the reports, both indicate that the Arizona housing market is stabilizing. Actual home prices can vary by region of the state.

As noted by the National Association of Realtors in May 2023, the median price in the following Arizona counties and the year-over-year change:

Maricopa

• Price: $450,000
• Change: +26.4%

Pima

• Price: $370,000
• Change: +13.8%

Pinell

• Price: $494,900
• Change:' '+14.4%

The price listed in the listing is not necessarily the same as the sale price, and Redfin reports that in May 2023, the ratio of list price to actual sale price was 98.3%. This means that sellers are getting close to the original asking price at the time of closing. However, the number of homes sold above the listed price is down 33.4% from May 2022.

The Arizona real estate market reflects this growth.