Here’s How Much Metro Phoenix Housing Affordability Has Improved | Living In Phoenix Arizona
HERE’S HOW MUCH METRO PHOENIX HOUSING AFFORDABILITY HAS IMPROVED
LIVING IN PHOENIX, ARIZONA
Here’s How Much Metro Phoenix Housing Affordability Has Improved
Even with the median sales price climbing 3.6% to $475,000, the housing affordability index for Metro Phoenix rose 6.1% from 66 to 70 in October. This means that the median income reached 70% of the amount needed to afford the median home.
“The lower interest rates make it financially feasible for more people to buy a house,” said Sheryl Bowden, Phoenix REALTORS® board president. “The strong job market and new opportunities in technology and semiconductor manufacturing help raise wages and put greater Phoenix on track to return to its standing as an affordable housing market.”
October year-to-date sales were down slightly, 3.6% for pending and 1.6% for closed sales. Other year-to-date indicators showed positive values for the first 10 months of 2024 compared to a year earlier.
New listings were up 14% to 71,239. The average number of days on the market until sale dropped from 66 to 65 days, and the inventory of homes for sale climbed more than 37% to 18,764.
“With interest rates dropping again, people are going to be more motivated to buy a home,” Bowden said. “A quarter-point drop announced by the Federal Reserve Bank on Nov. 7 will make a big difference in the type of home people can afford. Sales should be increasing.”
Phoenix
In the capital city, pending and closed sales were both down 6% year-to-date, but the median housing price climbed about 8% to $485,000. The inventory of new homes to sell jumped 43% to 2,794. New listings climbed over 13% to 12,113. Days on the market dropped 3.5% to 55 days.
Scottsdale
The median sales price of a Scottsdale home rose more than 10% to $1.14 million. Closed sales held steady, dropping a hair over 1% to 3,270, while pending sales fell almost 5%. Available homes in Scottsdale increased more than 6% to 5,141, and the market days increased from 70 to 75 days.
Avondale
In the West Valley, housing was steady in year-to-date data, with pending and closed sales rising about 1% each. New listings climbed 13.5%, and the median sales price rose 3.4% to $424,000. The inventory of homes for sale jumped more than 24%, resulting in a 3.4-month supply of inventory, up from 2.8 months in 2023 year-to-date data. The number of days on the market held steady, rising from 63 to 64 days compared to year-over-year data.
Mesa
New choices for buyers in Mesa increased by 16% in year-to-date data comparing 2024 to 2023. At the same time, the number of days on the market dropped 13% to 53 from 61 days when compared to the same 10-month period last year. The median sales price of a single-family home in Mesa rose to $492,000, an increase of nearly 4%.
Sun City
Remaining one of the more affordable options in the Valley, the median sales price for a home in Sun City increased 2% to $333,250. Pending sales in Sun City dropped 10%, while closed sales declined to nearly 7%. As happened elsewhere in greater Phoenix, the number of new listings increased in Sun City by nearly 10% to 1,064.
Learn more about Phoenix REALTORS.
– more at azbigmedia.com
