The State of Our Housing Market: The Latest Numbers You Need To Know

(Information accurate as of June 28, 2023)

The State of Our Housing Market: The Latest Numbers You Need To KnowPhoto byKelly Cook

In the video, we will discuss the current state of the Phoenix housing market. They highlight the continuous increase in the average sales price per square foot, which has been ongoing since December 2022. We will attribute this rise to low supply rather than high demand. Also mentioned, that the Federal Reserve is considering raising interest rates, which has caused some uncertainty in the market. Despite earlier predictions of a housing market crash, the Phoenix market has shown resilience, with a significant recovery in median sales prices. While we don't expect a 20% appreciation rate, we acknowledge that the market has already seen a 9% increase this year, and double-digit appreciation is possible by the end of 2023.

Overall, the Phoenix housing market is defying expectations and showing signs of strength, even as the Federal Reserve considers raising interest rates. Buyers and investors are advised to carefully consider their real estate strategies in this dynamic market.

Kelly Cook has been a licensed Realtor in the Phoenix Valley for over 18 years and is the Team Lead of Cook & Associates Real Estate Advisors! Kelly Cook and his team of 25+ agents can be reached through email at info@cookandassociatesaz.com or by phone at (480)442-9868. Visit our website at www.myhomevaluecalculator.com to find out your home’s value.