Home sales skyrocket in Greater Phoenix area

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As fall signals the end of the peak selling season, home sales across the U.S. continue to surge with the largest year-over-year gain since November 2016, according to the September RE/MAX National Housing Report. But what does that mean for Phoenix buyers? 

Phoenix residents are experiencing an increase in home sales. Here is a quick snapshot of local housing data:

• Closed transactions : 7,800, up year over year by 14.1%

• Median Sales Price : $280,000, up year over year by 7.7%

• Days on Market : 40, down year over year by 4 days

• Months Supply of Inventory : 1.8 down year over year by 33.3%

While signaling the end of 2019’s peak selling season, September home sales rose nationally 8.1% year-over-year – the largest year-over-year increase since November 2016. Home purchases increased in 47 of the report’s 54 markets, forcing already tight inventory totals to drop 6.1% year-over-year for the biggest decline in over a year.

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