Home prices and home buying slowed slightly last month, almost certainly due to a lack of inventory which is approaching historical lows in the Phoenix metro area. While new home builders are trying to increase the supply of homes, the population growth of the region is making it difficult for them to keep up. The complete, latest numbers are below.
The overall average home price in July compared to May decreased by 1.8%, moving from $351,872 to $345,674. The increase over July 2018 was 6.6%. The average price per square foot also increased to $184.
Inventory decreased again to 11,564 homes for sale, as did the number of homes sold, moving down to 8,788. The numbers indicate that there is just a little over a one month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices stayed very steady this month. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (16%), $250,000-$500,000 (47%), $500,000+ (34%).
Foreclosures and short sales continue to stay at their record low rates of 0.5% of the market and 0.2% 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 $350,643 to $369,437 (5.3%)
Anthem - Decreased from $354,248 to $350,141 (1.2%)
Avondale - Increased from $249,369 to $250,771 (0.6%)
Buckeye - Decreased from $267,592 to $260,364 (2.8%)
Cave Creek - (Median Price) Increased from $453,000 to $467,000 (3%)
Chandler - Decreased from $359,521 to $357,362 (0.6%)
Fountain Hills (Median Price)- Increased from $353,000 to $429,000 (21.5%)
Gilbert - Increased from $378,974 to $397,297 (4.8%)
Glendale - Increased from $272,650 to $275,295 (0.9%)
Goodyear - Decreased from $327,715 to $315,350 (3.8%)
Litchfield Park - Increased from $335,653 to $349,141 (4.1%)
Maricopa - Decreased from $231,338 to $228,027 (1.4%)
Mesa - Increased from $292,387 to $299,159 (2.3%)
Paradise Valley (median price) -Decreased from $1,400,000 to $1,342,000 (4.2%)
Peoria - Increased from $338,142 to $343,248 (1.5%)
Phoenix - Increased from $311,161 to $315,156 (1.3%)
Queen Creek - Decreased from $380,525 to $363,711 (4.5%)
San Tan Valley - Decreased from $254,972 to $252,239 (1.1%)
Scottsdale - Decreased from $643,476 to $601,554 (6.6%)
Sun City - Increased from $226,704 to $230,704 (1.8%)
Sun City West - Increased from $264,693 to $277,974 (5%)
Surprise - Increased from $277,104 to $280,649 (1.3%)
Tempe - Decreased from $309,706 to $309,513 (0.1%)
