Market Update & Trends – May – Still No Major Changes but More than 7,500 Properties Sold in the Month

Inventory Increased slightly again in May – it is still considered low – it grew about 3% for the month.

  • Interest rates have started to fall slightly – The Fed indicated that it may delay their timeline in reducing rates for 2024 but a few other countries including Canada have started to make small cuts. Interest rates are about .25% higher than a year ago.
  • If interest rates do fall, buyer demand will likely increase and push home prices higher and especially if new listings continue to be low. Buyer activity has been steady with more than 7,500 properties selling in May which is down about 6.5% from a year ago.
  • The median sale price in Maricopa County rose almost 3.5% year over year in May – Prices are continuing to trend upward due to low inventory
MAY 2024 PHOENIX AREA HOME MARKET TRENDS
APRIL 2024 HOME MARKET GRAPH – PHOENIX METRO AREA
March 2024 Phoenix Home Sale Trends
2024 Phoenix Area Residential Home Sale Trends
NOVEMBER 2023 PHOENIX AREA HOME SALE TRENDS
October 2023 Phoenix Area Home Sale Trends
Maricopa County Home Trends
SEPTEMBER 2023 PHOENIX AREA RESIDENTIAL REAL ESTATE TRENDS
AUGUST 2023 PHOENIX AREA RESIDENTIAL REAL ESTATE TRENDS