Inventory and sales continue to decline over
the past month, but activity in line with this time last year
As of 6/30, there were 18,436 active and coming soon listings in our MLS system within Maricopa County, roughly 7% lower than prior month and roughly 8% lower than this time last yr. Homes under contract have dropped to 6,302, a 15% reduction from last month’s measurement, but relatively unchanged from same time last year. Closed sales have fallen to 5,278, a reduction of 11% since last month, but relatively flat from same timeframe last year. Here is an updated Cromford Market index chart as of June 25th sorted by our largest city areas.
Interest rates are relatively unchanged since last month and have been above 6% for the most part of the past 3.5 to 4 yrs
The average 30 YR mortgage rate is roughly 6.5%, barely changed from the past month. The general trend in pricing over the last 3.5 years depends on which price segment you are looking at. The segment of the market that has benefited most is the upper luxury market, where pricing has significantly increased.
• Under $500,000, the 12-month moving average $/SF has declined significantly, by 7% since Jan 2023
• Between $500,000 and $1,000,000, the 12-month moving average has declined slightly, by 1.5%
• Between $1,000,000 and $3,000,000, the 12-month moving average has increased slightly, by 4%
• Over $3,000,000, the 12-month moving average has increased significantly, by 17%
Please all on us if you would like to schedule a meeting to review your real estate holdings or upcoming purchase goals.
Thank you for your continued business and referrals.
Best, Jon Mirmelli & Rebecca Ponte
Jon Mirmelli Real Estate Group
SCOTTSDALE
4/17/25 –5/17/26
FOUNTAIN HILLS
PARADISE VALLEY
PHOENIX/ARCADIA/BILTMORE
