Phoenix-area home sales sluggish in March compared to last year

Apr 23, 2019, 4:33 AM | Updated: 3:37 pm
(Pexels photo)...
(Pexels photo)
(Pexels photo)

PHOENIX — A recent real estate report showed a spring slowdown in the housing market, with the Phoenix area experiencing a larger year-over-year decline last month than the rest of the country.

The RE/MAX national housing report for March 2019 released last week studied housing activity in 54 markets nationwide.

The report showed that March home sales were down 11.3% in Maricopa County compared to the same month in 2018. The national decline was 8.6%.

In another sign of the slowdown in the Phoenix area, the average number of days on the market last month rose to 53, up from 49 in March 2018. The national average last month was 59 days.

Home prices, however, have continued to climb in the Valley while inventory shrinks.

The local median sales price increased to $267,000 last month, up from $265,000 in February and $254,900 in March 2018. The national median price was $246,000 last month.

Meanwhile, the supply of houses on the market in Greater Phoenix fell from from 2.5 months in February to 1.8 months in March. It was 1.9 months a year ago.

RE/MAX CEO Adam Contos saw positive signs in an increase of nearly 29% nationally in home sales from February to March. The Phoenix-area figure was slightly higher at just above 30%.

“It was encouraging to see month-over-month sales improve during March,” Contos said in a press release.

“Although the seasonal bounce that typically ends the first quarter wasn’t as strong as in the past few years, conditions are in place for a healthy spring selling season. Falling interest rates, rising inventory and moderating price increases against the backdrop of a healthy overall economy are cause for optimism for buyers and sellers alike.”

On the negative side, it was the smallest February-to-March sales increase since 2014, well below the 37% month-over-month increase in March from 2015 to 2018.

Nationally, the housing market has seen eight consecutive months of year-over-year sales declines.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Pexels Photo)...

1 dead after argument leads to gunfire in downtown Phoenix

A man is dead after an argument escalated into gunfire in downtown Phoenix on Wednesday evening, authorities said.
15 hours ago
(Facebook Photos/State Farm Stadium, WM Phoenix Open)...

Sheriff Penzone says public’s vigilance is safety tool in security prep for Super Bowl

With high-profile sporting events on the horizon for metro Phoenix, Maricopa County Sheriff Paul Penzone said he's looking to the public to act as extra eyes and ears for law enforcement.
15 hours ago
(Expansive Photo)...

Flexible workspace company Expansive opens 20,000-square-foot downtown Mesa location

Chicago-based Flexible workspace company Expansive has taken over a 20,000-square-foot location in downtown Mesa.
15 hours ago
(Facebook File Photo/Surprise Police Department)...

2 teenagers killed in Surprise when vehicle crashes into tree

Two teenagers are dead and two others are in the hospital after their vehicle crashed into a tree in Surprise on Wednesday.
15 hours ago
(Facebook File Photo/Phoenix Police Department)...

Child dies after getting hit by car while walking to school in Phoenix

A child died Thursday morning after getting hit by a car while he was walking to school with his father, authorities said.
15 hours ago
Supporters hold up signs reading "Bring Brittney Home" during a rally to support the release of det...

Arizona politicians react to news of Phoenix WNBA star Brittney Griner’s release

News of Phoenix Mercury star Brittney Griner’s release from a Russian prison was welcomed by political leaders in Arizona.
15 hours ago

Sponsored Articles

Quantum Fiber

Stream 4K and more with powerful, high-speed fiber internet

Picking which streaming services to subscribe to are difficult choices, and there is no room for internet that cannot handle increased demands.
Quantum Fiber

How high-speed fiber internet can improve everyday life

Quantum Fiber supplies unlimited data with speeds up to 940 mbps, enough to share 4K videos with coworkers 20 times faster than a cable.
Day & Night Air Conditioning, Heating and Plumbing

Here are 4 signs the HVAC unit needs to be replaced

Pool renovations and kitchen upgrades may seem enticing, but at the forefront of these investments arguably should be what residents use the most. In a state where summertime is sweltering, access to a functioning HVAC unit can be critical.
Phoenix-area home sales sluggish in March compared to last year