The Market: Mid Year 2022 Real Estate Market Update
After leading the nation in year over year home price growth for three years, the Phoenix Metropolitan Area fell to third place behind Miami and Tampa according to the Case-Shiller 20-City Home Price Index for June 2022. The index still shows the Phoenix market continued to remained strong with a 31.3 percent year-over-year increase. This level of price growth indicates broad strength in the housing market although it is worth noting the index is a lagging indicator and inflation combined with increasing mortgage rates have clearly started to impact home sales. The supply of homes on the market dramatically increased in June 2022.
The Cromford Report, which follows housing trends in Maricopa county indicated the average sale price per square foot rose 19.2% over last year in the 2nd Quarter. However, in June the supply of homes for sale rose 53% signaling weakening demand as mortgage rates rose and some buyers were priced out.
The Market Update provides a closer look at the 2nd Quarter key statistics for Phoenix, Scottsdale, Paradise Valley and neighboring cities in the Valley of the Sun. The full report is available here.
Thinking about selling? Maximizing the value of your real estate investment requires local market expertise and a thorough understanding of how to prepare your home to sell it for the highest price. Contact me today for a private consultation and property valuation while the market is still strong.