Existing home sales continue to slide in Arizona, nationwide
Jul 26, 2024, 4:00 PM | Updated: 4:43 pm
The number of existing home sales continue to slide across the country. (Jim Poulin/Phoenix Business Journal)
(Jim Poulin/Phoenix Business Journal)
Existing U.S. home sales slipped 5.4% to an annualized 3.89 million — the lowest level since December 2023 — after falling 0.7% in May, according to the National Association of Realtors.
This is the fourth-straight drop amid high mortgage rates and low affordability, which have undermined home demand, said Jay Hawkins, senior economist for BMO Capital Markets.
At the same time, the median sales price jumped to a record high of $426,900 nationwide, according to NAR. This is the second straight month it reached an all-time high, and the 12th consecutive month of year-over-year price gains.
“The weakness in the housing market outside of home prices is likely to continue until the Fed starts cutting interest rates in September,” Hawkins said.
Looking more closely at the Phoenix market, 10,501 single-family homes are available on the market for sale, which is up 73 homes from last week, according to The Cromford Report.
Homes in metro Phoenix are selling at 98% of list value, according to Cromford.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
