Home prices took a small step back in July, although several cities around the Phoenix area experienced gains. Given the strength of the previous several months, it is not surprising to see a pause, and it would not be surprising for there to be an additional one this month. However all trends are still looking very favorable. The complete, latest numbers are below.
The overall average home price in July decreased by 3.3%, moving from $335,288 to $324,095. The increase over July 2017 was 8.2%. The average price per square foot increased to $231.
Inventory stayed level at 14,212 homes for sale, even as the number of homes sold dipped a little to 8,086. The numbers indicate that there is just a one and a half month supply of homes on the market, which is a seller's market.
The breakdown of homes showed some changes, with homes over $500,000 taking a significant 5% dip. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (21%), $250,000-$500,000 (47%), $500,000+ ($28%).
Foreclosures and short sales continue to stay at their record low rates of 0.7% of the market and 0.4% respectively. They continue to be an insignificant portion of the market.
Here is a breakdown of the market changes, based on average sale price in July compared to May, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $347,631 to $360,471 (3.7%)
Anthem - Decreased from $344,423 to $336,711 (2.3%)
Avondale - Increased from $232,733 to $234,774(0.9%)
Buckeye - Increased from $234,199 to $238,154 (1.7%)
Cave Creek - (Median Price) Increased from $437,750 to $473,000 (8.1%)
Chandler - Decreased from $354,316 to $350,112(1.2%)
Fountain Hills (Median Price)- Decreased from $376,500 to $360,000 (4.4%)
Gilbert - Increased from $363,675 to $365,481 (0.5%)
Glendale - Decreased from $265,254 to $261,006 (1.6%)
Goodyear - Increased from $287,684 to $307,539 (6.9%)
Maricopa - Increased from $213,798 to $217,719 (1.8%)
Mesa - Decreased from $280,195 to $276,878 (1.2%)
Paradise Valley (median price) -Decreased from $1,531,000 to $1,268,000 (17.2%)
Peoria - Decreased from $316,802 to $315,455 (0.4%)
Phoenix - Decreased from $305,100 to $302,135 (1.0%)
Queen Creek - Decreased from $338,901 to $321,185 (5.2%)
San Tan Valley - Increased from $230,754 to $241,505 (4.7%)
Scottsdale - Decreased from $611,639 to $547,674 (10.5%)
Sun City - Increased from $207,141 to $217,760 (5.1%)
Sun City West - Increased from $249,743 to $264,040(5.7%)
Surprise - Increased from $261,444 to $265,416 (1.5%)
Tempe - Decreased from $310,898 to $298,505 (4%)
