PHOENIX — Average home prices in metro Phoenix dipped to $440,000 in mid-July, down 5.4% compared with the same period last year, according to Cromford Associates LLC, as the demand for resale homes continues to wane.
The latest Cromford report looks at annual changes from July 14, 2022, to July 14, 2023, the most current data available. Cromford focuses on real-time housing data for Maricopa County, Pinal County and a small part of Yavapai County.
It shows 8,123 listings under contract in the Valley, representing a 6% drop from last year and 11,530 active listings for sale, a 27.4% drop from July 2022.
Meanwhile 6,690 sale closings were reported, a 7.5% drop from this time last year.
