By: Lorraine Ryall
Associate Broker with KOR Properties
From the Cromford Report

The Greater Phoenix Area and Mesa

The median sales price has remained within a fairly consistent range since May
2023, continuing to move up and down within that same channel. This past
month, however, we saw a healthy 3.4% increase over the previous month. While
that is encouraging, prices remain relatively close to where they were at the
same time last year.
Listings under contract have now fallen below where they were this time last
year, showing that buyer activity remains somewhat subdued. With the Fed
once again discussing the possibility of increasing interest rates, we could see
some buyers decide to move sooner rather than later to avoid the risk of higher
mortgage rates.
After our typically quieter summer months, we are heading into a time of year
when activity often begins to pick up. Our second-home and seasonal buyers
start returning to the Arizona sunshine in October, which should bring some
additional buyers back into the market.
Overall, we continue to see a market that is adjusting rather than moving
dramatically in either direction. Buyers remain price-conscious and have more
choices, which means sellers need to be realistic about pricing and
presentation. Well-priced, well-presented homes are still selling, and as we
move into the fall and winter season, it will be interesting to see whether
increased seasonal demand gives the market a little extra momentum.