December 2018 Phoenix Metro Market Report
Total inventory has a month-over-month decrease of -3.6% while year-over-year reflects an increase of +3.4%. Sales are down -1.7% month-over-month. The year-over-year comparison is down -9.4%. The average sales price is up +5.8% year-over-year while the year-over-year median sales price is also up +6.4%. Days on market were down -2 days year-over-year while month-over-month increased by +4 days.
In October, interest rates began to rise at an accelerated clip. With higher interest rates and higher prices, demand slowed. The result was that ARMLS year-over-year sales volume declined for the first time in four years.
*STAT Market Reports are our market-wide reports produced each month by ARMLS.