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.

Sale other properties in Side 175 970,00 $

Turkey,Side

2 Bedrooms

1 Bathroom

85 м²

According to Zillow, the median number of days to close a transaction - which indicates the time a home sells on the site - is just 24 days as of May 2023, indicating an increase in the frequency of purchases.

Some are pessimistic about the future of Arizona's housing market,''especially in Phoenix. At the end of 2022, the National Association of Realtors projected a 15.8% decline in combined sales and prices in the Phoenix-Mesa-Scottsdale market in 2023. For Tucson, the expectation was slightly better, a 10.2% decline. Despite the decline in sales and available supply, home prices continue to rise. This price increase is typical of states with a low housing inventory. However, potential homebuyers in Arizona and elsewhere can expect prices to decline and watch for changes in mortgage rates, which have risen significantly over the past year.