Closed sales increased 7% in July compared to the same month last year, new data from Phoenix REALTORS® shows.
The total number of transactions topped 5,000, which is higher than the same period in 2023 or 2022.
Closed sales in Goodyear increased 41.1% in July compared to last year. Phoenix increased 7% and Mesa 8.2%. Scottsdale was up 2.9% and Buckeye increased 2.7%. Gilbert and Surprise both showed drops in closings.
The Greater Phoenix median sales price for July increased 1.7% to $473,000 from $465,000 last year. That relatively small increase may be a sign that dramatic price increases may be pausing.
“With more listings coming onto the market and increased buyer selections, July showed promise for a normally slow summer month,” Sheryl Bowden, Phoenix REALTORS board president, said in a news release. “Prices are stabilizing, with just a 1.7% increase over last year.”
In Scottsdale, the median home price climbed 22.2% to $1.2 million. In Gilbert,it was up 10.2%, hitting $630,000.
Through seven months of 2024, the number of days a listing sits on the market dropped 8.6% to 64 from 70 days in the same period last year.