July 2024 Real Estate Market Update - Phoenix

July 2024 Real Estate Statistics - Arizona Regional MLS (ARMLS)

July represented the typical Summer for the real estate market in the metro Phoenix area. We have entered a Balanced Market with approximately a 3 month supply of listings on the market. Month-Over-Month we do find that in most areas measured, there was a slight downturn. The Average Days on market increased by two days to 58 days. 

Interest rates have DECREASED slightly bringing demand up due to homes being more affordable with a lower interest rate.  They bottomed out around 6.7% for the end of July and currently sit around 6.5% which is much lower than the peak we experienced in the last year of  nearly 8%.

The real estate market is different for each zip code and neighborhood. If you would like a more detailed report on what is going on in your area, feel free to reach out to me: DONALD KEYS Selling Homes Since 2006 HomeSmart (602) 750-1744 . I would be happy to answer all your real estate questions and give you a custom market update and home value based on the ever changing market conditions.