Aug 3 2016 Market Update

Aug 3 2016 Market Update

August 2 - Preliminary reports from Maricopa County recording for July show similar trends to those we mentioned yesterday from the ARMLS closings. Recorded deeds in Maricopa County declined 3% from July 2015. The 10% drop in working days between July 2015 and July 2016 is the entire explanation for this anomaly. Expect the situation to reverse in August which has 23 working days in 2016 compared with only 21 in 2015.

The overall median sales price came in at $235,000 which is up 6.8% from July 2015 but down 2.1% from June 2016.

New home sales were up 16.5% from July last year but re-sales were down by 4.5%. The median sales price for new homes increased by 1.1% to $318,660 while than for re-sales rose by 6.7% since July 2015. New homes are gaining market share, but their prices have not increased very much.


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Dated: August 3rd 2016
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