51% below normal, and dropping      

    * our active supply is down 37% from this week last year


22% below normal, and dropping as seasonally normal

New Listings

the lowest number we’ve seen in over 22 years

Accepted Contracts

the lowest weekly counts we’ve ever seen – about 1,500/week

Days on Market

20; historically normal and staying consistent

       * down from 56 DOM in January

Median Sales Price

$439,000 – down 4.6% from July 2022

Annual Median Sales Price/Square Foot Appreciation

Down 2.5% YOY but should start to show positive in August or September


41% of all sales in July had seller paid concessions; median concession is $8,200

Sales Price vs. List Price Ratio

98.3% of list price

     * 22% of sales in July closed over list price


  • We are in a stable Sellers Market
  • Rental supply is continuing to rise; highest number since 2018
  • FHA contracts are up!  In July, they represented 22% of all sales (this is up from 10% this time last year)
  • Investors and iBuyers are pulling out of the market.  Investor purchases were 12% of all purchases in July (down from 21% in Q2 2022)
  • Cash purchases have declined.  In July, they represented 19% of all sales (down from 33% in June 2022)

What’s reasonable to expect in the coming months?

  • Leading metrics in Greater Phoenix do not support continued downward pressure on price for most cities
  • YOY appreciation to hit positive in August or September
  • Supply and demand gap is still pretty big – because of this gap we should still see prices continue to rise

Please feel free to reach out with any questions!

At Bison Ventures, we understand that the current market is challenging and there is uncertainty regarding interest rates. We know we have many clients in need of a new home, and we do not want today’s interest rates to be a barrier. We are currently offering the Bison Refinance Program – After six on-time payments of your new mortgage, you are eligible for a Special Refinance for a period of 3 years from your closing date. This entails NO lender or appraisal fees.  Please let us know if any of your clients would be interested in discussing this further. It’s a perfect opportunity to buy now, and lower their payment later!