Home sales in the Phoenix-metro area saw a decrease in March, but Phoenix REALTORS data still shows bright spots for both availability and home prices. This comes against the backdrop of robust existing-home sales across the United States, which last month exceeded economists’ expectations and marked the largest monthly gain in a year – reinforcing recent rebound and buyer demand trends.
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“With dropping interest rates and an increased supply of listings, REALTORS are still optimistic that this year will be better than 2023,” said Sheryl Bowden, president of Phoenix REALTORS. “Even with closed sales dipping slightly in March, home prices and availability still show respectable gains.”
The monthly Phoenix REALTORS report boasted a 12.4% increase in year-to-date listings, which boosted the homes for sale inventory by 25.1% and resulted in 15,635 homes available for sale for the month compared to last year.
The median sales price continues to rise, hitting $470,000 for 2024 through March, up 6.8% from the same three months in 2023. The percent of list price received moved slightly upward during the period to 98.3%, up from 97.6% in 2023.
Closed sales dipped 4.6% year over year. Even so, in prior years, March numbers are usually the start of a climb in ownership changes leading into peak months April and May.
“It’s clear March was a challenging month,” said Bowden. “Although some numbers are not as good as last year, trend lines follow traditional patterns heading into April. History tells us that April is a prime month for sales, and we expect that to shine through in next month’s data.”
Year-to-date pending sales were down almost 17%, yet the average number of days a house was on the market decreased 15.4% from 78 last year to 66 this year. The increased listings and dipping March sales combine to offer buyers a 3.4-month inventory supply, up from 2.5 months in February.
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