Phoenix home sales skyrocket nearly 20% in January

AZ Business Magazine

Led by Phoenix home sales, last month’s home sales posted the highest year-over-year gain for January in 11 years, increasing an average of 10.5 percent in the 54 metro areas covered by the RE/MAX National Housing Report for January 2020

Meanwhile, the 15.6 percent year-over-year drop in inventory was the largest decline since May 2017 and marked the seventh consecutive month of year-over-year shrinkage in the number of U.S. homes for sale.

Key highlights of the report include: 

• Home sales in Phoenix continued to soar with a nearly 20% increase year-over-year.

• Inventory remains extremely constricted with the months supply steadily decreasing since January 2019.

• Home sellers in Phoenix continue to enjoy favorable conditions with a steady rise in median sales price and decrease in the number of days on market.

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