March 2019 Phoenix Market Report
Total inventory has a month-over-month decrease of -0.5% while year-over-year reflects an increase of +6.7%. Sales are up +30.2% month-over-month. The year-over-year comparison is down -11.3%. The average sales price is up +7.1% year-overyear while the year-overyear median sales price is also up +5.1%. Days on market did not fluctuate year over year while month-over- month decreased by -1 day.
The dramatic turn in interest rates made in the fourth quarter of 2018 have taken an even more dramatic turn downward. The 30 year fixed rate as reported by Freddie Mac peaked in November at 4.94%. On April 4th, rates were down to 4.08%. Interest rates are now lower than last year at this time when rates were reported at 4.40%.
*STAT Market Reports are our market-wide reports produced each month by ARMLS.