Market Update November 6th, 2023

A recent review of October's real estate records in Maricopa County gives us a clear picture of the housing market for last month. It looks like the number of houses sold has gone down a bit. To put it in simple terms, about 5,500 homes were sold, which is a slight drop compared to the same time last year and also fewer than the month before. It seems like things have slowed down a bit in the housing market compared to the busier months.

When we break down the types of homes sold, there's a mix of news. New homes sales seem to be doing okay—they're slightly up from last year with about 1,480 sold, which is a small improvement. But if we look at the month before, it's actually a drop. Sales of previously owned homes are another story. They're not selling as well, with about 4,000 homes sold, down by a noticeable margin from last year and even a little from the previous month.

As for the prices of homes, they're pretty steady overall. The average price for all the homes sold was $470,000, which hasn't changed from last year and has gone up a bit since September. If we look more closely, previously owned homes are a bit cheaper than last year, with an average price of $445,000. New homes, though, are a different story—they're actually selling for more than ever before, with an average price of over $538,000, which is both a jump from last year and quite a bit higher than the previous month.

What's interesting is that the increase in the price of new homes isn't because of any big sales of cheaper, bulk-buy homes like it was in the past couple of months. This time, new homes sold for higher prices that are more typical for new construction. All these numbers we're talking about include both single-family homes and condos or townhouses, so it gives us a pretty good idea of the overall housing market.

“When we strive to become better than we are, everything around us becomes better too.”
— Paulo Coelho

Have a great week everyone!