Greater Phoenix Residential Market

May 2023 Results

More Sales, Higher Prices, Less Listings
Monthly Rent Reaches New High
City of Phoenix Ranks #2 in Population Increase
Queen Creek and Maricopa Two of Fastest Growing Cities in Nation
Maricopa County Recorder’s Office Fights Fraud with Title Alert Service

Greater Phoenix May 2023 Results for Single-Family Resale Homes

Both purchase price and the number of sales increased in May, while new monthly listings decreased.

The median purchase price in May 2023 ($492,000) was $12,000 or 2.5 % higher than April 2023 ($480,000). This is the third consecutive month it has risen. Year-over-year (YOY) May’s median purchase price was $48,000 or 9% lower than May 2022 ($540,000).

Sales in May 2023 (5,197) were the highest compared to any other month in 2023. Month-over-month (MOM) May 2023 sales were 871 or 20% higher than April 2023 (4,326) sales. YOY May 2023 sales were 407 or 7% less than May 2022 (5,604) sales. Even though YOY May sales were lower, this is a big improvement compared to any other month this year: YOY April 2023 sales were down 27%, March 2023 sales down 24%, February 2023 sales down 29% and January 2023 sales down 39%.

New Listings in the month of May 2023 (4,689) were lower both month-over-month and year-over-year. MOM May 2023 listings were 206 or 4% lower than April 2023 (4,895). YOY listings were much lower. They were 3,496 or 43% lower than May 2022 (8,185). See Table One for information on listings, sales and purchase price.

Total active listings on May 31, 2023 (6,610) were 697 or 12% more than May 31, 2022 (5,913). While total active listings in May 2023 listings were higher than May 2022, the number of total active listings has been in decline since October 2022 (13,569).

Months of supply at the end of May 2023 (1.8 months) were lower than April (2.3 months) but higher than May 2022 (1.3 months).

Cumulative days on market (CDOM) decreased month-over-month in May 2023 (68) compared to April 2023 (73). May 2023 (68) were 45 more days than May 2022 (26).

Price per square foot in May 2023 ($299.27) was $2.22 or about 1% higher than April 2023 ($297.25). YOY price per square foot was $21.64 or 7% lower than May 2022 ($320.91).

Percent of closings with a seller concession in May 2023 (43%) is lower than April 2023 (47%) but much higher than May 2022 (12%). The number of May 2023 closings with a seller concession of $5,000 or more was 1,250; $10,000 or more 701; $20,000 or more 153, and $50,000 or more 10.

Notices of Trustee’s Sales or foreclosure notices in May 2023 (279) was lower than April 2023 (330) and about the same as May 2022 (281). The number of Notices of Trustee’s Sales in May 2009 was 8,496.

Median monthly rent for a single-family home in Greater Phoenix reached a new high in May 2023 ($2,395). This was $95 or 4% higher than April 2023 ($2,300) and $33 or 1% higher than May 2022 ($2,362).

The thirty-year fixed mortgage rate averaged 6.5% May 2023 compared to 6.3% in April 2023.

Results for Thirty-Five Cities Located in Either Maricopa County or Pinal County

Table One compares May 2023 to May 2022 for new listings, sales, and median purchase price. YOY 33 cities had less new listings. YOY 11 cities reported more sales. Most of the cities that had more sales this May over last May, were in the far West Valley, far East Valley and the far Southeast Valley. The exceptions were Paradise Valley and Fountain Hills.

YOY the median purchase price was lower in 33 cities. The exceptions were Paradise Valley and Wickenburg. MOM 23 cities had a higher median purchase price. See Table Two.

City of Phoenix Ranks #2 in Population Increase

The City of Phoenix finished number two in year-over-year numeric population increase according to the U.S. Census Bureau. Released in May, the Census Bureau reported that the population of the City of Phoenix increased by 19,053 people from July 1, 2021 to July 1, 2022. Fort Worth, Texas was number one in numeric population increase with a gain of 19,170 people. See Table Three.

Two Arizona cities finished in the top fifteen cities for fastest growing cities by percentage. They were Queen Creek which was number seven with a growth rate of 6.7% and Maricopa finished twelfth at a 6.2% growth rate.

Maricopa County Recorder’s Office Offers Free Title Alert Service

To protect homeowners against title fraud the Maricopa County Recorder’s Office now offers a FREE service to alert county residents of document recordings. The user enters the individual or business name. When a document is recorded with the individual or business name, you will receive an email with a link to the recorded document. To sign up go to https://recorder.maricopa.gov/MaricopaTitleAlert/default  

The information for this report is from the Arizona Multiple Listings Services, Inc., the Cromford Report, Freddie Mac, the U.S. Census Bureau, and the Maricopa County Recorder’s office.

Table One: Sales, Listings & Purchase Price by The Wilcox Report™

Table Two: May 2023 Results for 35 Cities by The Wilcox Report™

Table Three: City of Phoenix Number Two for Population Increase