Arizona Real Estate Update Februrary 2024

Arizona real estate has been pretty flat for a while so I haven’t posted any updates. But there are a few interesting things I noticed this week.

Median prices have already exceeded their highs of 2023. This is interesting because this usually occurs a little later in the year.

However, average sales prices have not done the same.

Price cuts should be reducing this time of year but they are not. They are going up showing sellers are more willing to negotiate.

Days of inventory are now higher than they were in 2023 and are about to surpass 2022’s highs if they continue.

Which is also listed in the average weekly listing counts. These are accelerating into the new year when they should be moving in the opposite direction.

And finally, annual sales rates are at their lowest levels since 2014. Which show no signs of letting up until interest rates go down.

For more details here is a link to my dashboard

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