Phoenix REALTORS: Home Prices Continue to Rise and Are Selling Faster

New listings, up; closed sales, up; and days on market, down. That’s positive news for residential real estate sales in year-over-year April data reported by Phoenix REALTORS.

“A one-month boost isn’t a trend, but the reversal of prior months’ declines is welcome news,” said Sheryl Bowden, Phoenix REALTORS president. “We’re still seeing strength in median home prices even with the increase in home inventory.”

New listings increased 13.2% compared to last year, with nearly 7,100 homes coming onto the market. The result is a 43.4% increase in supply and a 12.5% drop in days on the market until sale, comparing April 2024 with April a year ago.

Closed sales in year-over-year comparisons increased 4% to 5,550 homes, with the median sales price rising 7.7% to $490,000. The percent of list price received still holds at close to 99% of the asking price.

“Spring is always a strong time for sales,” said Bowden. “Between the NCAA men’s basketball finals and spring training in March and April, we had a lot going on in the market. A jump in visitors often stimulates interest in living in the Valley.”

A closer look at the two counties in Greater Phoenix finds Pinal County has an over 14% increase in new listings, compared to a 13.4% increase in Maricopa County. In April, homes in Pinal County sat on the market slightly longer than Maricopa County, 65 days to the larger county’s 61, but for Pinal, that was a drop of over 26% from last year.

Pinal County maintains higher affordability than its neighbor, with a median home sales price of $385,000 compared to $520,000 in Maricopa County during the month.

“Increasing job opportunities in Pinal County along with growth in the southeast Valley is fueling more interest in the area,” Bowden said. “With industrial expansion around Phoenix-Mesa Gateway and new battery and semiconductor companies under construction, there is a lot of interest in finding homes closer to work.”

Overall, Greater Phoenix’s inventory of homes for sale, standing at 16,228 in April, is the highest in the last 12 months but still below the peak of nearly 20,000 homes in inventory in mid-2022.

Housing prices are dramatically different across the Valley. Scottsdale’s median sales price in April was $1.2 million, compared to $800,000 in Gilbert, $500,000 in Phoenix, $488,000 in Goodyear, $434,500 in San Tan Valley and $430,000 in Surprise.

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