Phoenix Real Estate Market Update: Slowing Momentum Heading into Year-End
The Phoenix real estate market is showing signs of slowing as we approach the end of 2024. The listing success rate is down compared to the same time last year, while rising mortgage rates and increasing housing supply point toward a possible transition in market conditions. Below, we examine the key metrics impacting the Phoenix housing market.
Listing Success Rate Dips Below Last Year’s Numbers
At present, the Phoenix real estate market’s listing success rate is at 71%, which is a decline from the 75% rate seen during the same time in 2023. This rate represents the percentage of listings that successfully close without canceling or expiring. While the current 71% figure is above the historical average of 68%, the decrease from last year signals some weakening.
Moreover, this decline in listing success is consistent with other indicators showing that the market in 2024 is not as strong as it was in 2023. Interest rate fluctuations haven’t helped; instead of a summer rally, we’ve seen lower transaction volumes and a general softening of market activity.