The overall average home price in June increased by 1.2%, moving from $304,544 to $308,241. The increase over June 2016 was 7.4%. The average price per square foot decreased to $149.
Inventory decreased yet again to 15,560 homes for sale even though the number of sold homes also decreased to 9,060. This indicates that there is a one and a half month supply of homes on the market, which is a strong seller's market.
The breakdown of homes currently available continued its shift, with homes under $150,000 becoming a rarity. The percentages of available homes are: $0-$150,000 (5% of the market), $150,000-$250,000 (24%), $250,000-$500,000 (43%), $500,000+ ($28%).
Foreclosures and short sales continue to stay at their record low rates of 0.9% of the market and 0.7% 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 June compared to May, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $316,087 to $342,861 (8.5%)
Anthem - Increased from $322,188 to $343,760 (6.7%)
Avondale - Decreased from $225,255 to $219,646 (2.5%)
Cave Creek - (Median Price) Increased from $441,000 to $466,900 (5.9%)
Chandler - Decreased from $334,638 to $329,186 (1.6%)
Fountain Hills (Median Price)- Increased from $340,000 to $390,500 (14.9%)
Gilbert - Increased from $325,032 to $338,072 (4%)
Glendale - Increased from $235,952 to $248,338 (5.2%)
Goodyear - Increased from $278,900 to $286,486 (1.1%)
Maricopa - Increased from $195,802 to $198,931 (1.6%)
Mesa - Increased from $251,904 to $252,856 (0.3%)
Paradise Valley (median price) -Decreased from $1,350,000 to $1,235,000 (8.5%)
Peoria - Increased from $288,483 to $295,776 (2.5%)
Phoenix - Increased from $271,966 to $282,434 (3.8%)
Queen Creek - Increased from $303,947 to $326,631 (7.5%)
San Tan Valley - Decreased from $212,213 to $207,250 (2.3%)
Scottsdale - Increased from $535,636 to $569,438 (6.3%)
Sun City - Increased from $191,020 to $192,337 (0.7%)
Sun City West - Decreased from $225,953 to $224,342 (0.7%)
Surprise - Increased from $234,737 to $241,538 (2.9%)
Tempe - Increased from $279,059 to $285,409 (2.3%)
