08/13/2023
In Phoenix, home prices have dropped by 6.9%, which is influenced by a shortage of homes for sale.
Nationally, the average U.S. home price is around $383,000, just $4,000 lower (-1%) than the all-time high in June last year.
This marks a slight decrease and the smallest year-over-year drop in the past four months.
The sale-to-list price ratio has reached 100% for only the second time since August last year, meaning homes are now selling for their asking price.
The scarcity of listings, down 27% from a year ago, is a major factor in maintaining prices. Homeowners are hesitant to sell due to higher mortgage rates, contributing to an 11% decrease in the number of homes for sale.
Despite the deterrent of high rates, buyers still outnumber sellers, leading to quicker sales and elevated prices.
It's a balanced market that's not as rapid as it was 18 months ago, but still offers opportunities for both buyers and sellers with strategic pricing and marketing efforts.
Wondering how much home prices have dropped in Phoenix and across the U.S.? Here's a closer look at the numbers.