January 2019 Phoenix Metro Market Report
New inventory is up +78.0% month-overmonth while the yearover-year comparison increased by +3.7%. Sales are down -16.3% month-over-month. The year-over-year comparison is down -11.9%. The average sales price is up +3.4% year-overyear while the year-overyear median sales price is also up +7.0%. Days on market were down -5 days year-overyear while month-overmonth increased by +4 days.
Fixed-Rate Mortgages Reach 12-Month Low
“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”
*STAT Market Reports are our market-wide reports produced each month by ARMLS.