The average sales price for an Arizona home fell 3.2% in the past year, according to a survey released Thursday by the real estate industry’s trade group.
The average price for a condo in the Phoenix area fell by 5.3% from a year earlier.
The data showed sales in Phoenix fell for the first time since January 2017, and the median sales price in the metro area fell 1.6% year-over-year.
The survey, which was conducted by CoreLogic, showed that home sales fell 7.3%, the lowest level since December 2016.
Sales in Phoenix, which has the highest population density of any U.S. metro area, were down 8.5% year over year.
The median sale price in Tucson, Arizona, fell 6.4% in 2017, the biggest drop since March 2015.
The Phoenix metro area has had the lowest number of sales since February of this year, when there were just 9,500 home sales, according the realtor group.
The report showed that sales in metro Phoenix fell by 0.9% in January, compared to a 0.3 percentage point drop in January of this season.
The survey showed that Tucson, which is home to the largest concentration of Hispanics, had the largest decrease in home sales.
Tucson had the most sales in January and February, but sales in Tucson declined by more than 7% compared to the previous year.
The city also had the second-highest number of condo sales, with 8,500.
The city had a median sales cost of $7,919 in January.
In February, the median cost rose to $7.8 million, according a report by the Arizona Real Estate Association.
The Arizona Real Property Council said that the median price for homes sold in Tucson jumped by 10% from January to February, while that of homes sold elsewhere dropped by 5% in that period.
The median price of homes in the city rose to more than $1.5 million in January from $1 million in February.
The group said that median price growth in Phoenix was the highest since April 2017.
In January, median prices in Phoenix were at an all-time high of $2.867 million, and a year ago, they were $2 million higher, according.
The average sale price for condominiums in the Arizona area increased 5.2 percent year over-year, according an estimate from CoreLogis data.
The prices were up 1.5 percent in Phoenix.
The increase in the price of condos is being driven by the influx of new condos being built in Phoenix and Tucson.
According to the Real Estate Board of Greater Phoenix, Phoenix condo sales in 2017 were up 16.7% over last year, with a median price that was $1,000,000.
The number of condos in the market is forecast to hit nearly 40,000 units by 2022, according CoreLog.
The national average price of a condo was $2,906,000 in February, up 4.7 percent from a decade ago.
In the Arizona market, median sales prices were at $2.,869,000 last year.