Closed home sales rose 4.2% year over year in Maricopa County last month, according to data from Phoenix REALTORS’® latest Local Market Update.
“With all the questions about the economy, it’s reassuring to see closings rise again,” Phoenix REALTORS® President Christy Walker said in a press release. “New listings are also up again, which gives us a diverse range of prices for homebuyers.”
Realtors added 6,514 new listings to the MLS during the month, an 8.3% year-over-year increase.
Total active inventory, meanwhile, jumped 54.5%, with over 17,000 homes on the market countywide. Given the rate of sales, Maricopa County had a 4.7-month supply in April — an indicator of a balanced market where neither buyers nor sellers have the advantage.
Both the median and average sales price decreased in the county. The median fell 3.8% year over year to $500,000, while the average decreased 4.6% year over year to $696,063. In greater Phoenix, though, the median home price increased 2.1% year over year to $485,000.
Pending sales dropped 32.5% annually, however, likely thanks to economic uncertainty, the association said.