The Phoenix real estate market had an unprecedented month last month, experiencing it's second consecutive month of much higher than normal price increases. The market continues to be driven by very low interest rates, and an even lower availability of homes for sale. The complete, latest numbers are below.
The overall average home price in July compared to June increased by 6.9%, moving from $375,250 to $401,199. The increase over July 2019 was 16.1%. The average price per square foot decreased to $189.
Inventory dropped dramatically again to 6,753 homes for sale, and the number of homes sold increased sharply to 9,613. This means that there is less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices remained relatively unchanged. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (11%), $250,000-$500,000 (41%), $500,000+ (44%).
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 June, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $404,988 to $425,131 (4.9%)
Anthem - Increased from $378,889 to $405,395 (6.9%)
Avondale - Increased from $267,810 to $272,526 (1.7%)
Buckeye - Increased from $290,278 to $302,883 (4.3%)
Cave Creek - (Median Price) Increased from $496,250 to $525,000 (5.8%)
Chandler - Increased from $390,047 to $417,648 (7.1%)
Fountain Hills (Median Price)- Increased from $446,500 to $522,500 (17%)
Gilbert - Increased from $407,002 to $435,189 (6.9%)
Glendale - Increased from $292,234 to $312,183 (6.8%)
Goodyear - Increased from $339,535 to $351,897 (3.6%)
Litchfield Park - Increased from $414,709 to $433,887 (4.6%)
Maricopa - Increased from $254,914 to $261,321 (2.5%)
Mesa - Increased from $321,085 to $332,539 (3.6%)
Paradise Valley (median price) -Increased from $1,612,250 to $1,625,000 (0.7%)
Peoria - Increased from $353,131 to $372,689 (5.5%)
Phoenix - Increased from $356,333 to $363,713 (2.1%)
Queen Creek - Increased from $425,968 to $431,240 (1.2%)
San Tan Valley - Increased from $275,026 to $290,736 (5.7%)
Scottsdale - Increased from $640,048 to $699,625 (9.3%)
Sun City - Increased from $244,047 to $259,456 (6.3%)
Sun City West - Increased from $275,571 to $323,493 (17.4%)
Surprise - Increased from $305,774 to $309,539 (1.2%)
Tempe - Increased from $344,694 to $347,185(0.7%)
