With school out for the summer and many families traveling for the first time in a long time, some of the pressure was taken off of the housing market last month. That said, there is still a tremendous backlog of buyers, so prices did not change substantially up or down. The fact that prices stayed steady and the inventory maintained most of the gains experienced last month are both positive indicators. There isn't enough data however to identify any trends just yet. The complete, latest numbers are below.
The overall average home price in June compared to May increased by 0.1%, moving from $513,917 to $514,520. The increase over June 2020 was 39%. The average sale price as a percentage of the listing price was 103% (meaning on average homes are selling above the asking price), and the average days on the market was 25. The average price per square foot decreased to $282.
Inventory decreased slightly to 4,942 homes for sale, and the number of homes sold increased slightly to 9,566. This means that there is much less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices were for the most part unchanged last month, with the exception of the $500,000+ market which showed a 2% increase in inventory. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (7%), $250,000-$500,000 (42%), $500,000+ (48%).
Foreclosures and short sales continue to stay at their record low rates of 0.2% of the market and 0.1% 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 $543,297 to $543,946 (0.1%)
Anthem - Decreased from $534,223 to $530,046 (0.8%)
Apache Junction - Increased from $283,408 to $357,367 (26%)
Avondale - Decreased from $366,715 to $350,405 (4.5%)
Buckeye - Increased from $397,630 to $411,358 (3.4%)
Casa Grande - Decreased from $290,394 to $283,259 (2.5%)
Cave Creek - (Median Price) Increased from $700,000 to $755,000 (7.9%)
Chandler - Increased from $514,229 to $525,628 (2.2%)
Florence - Increased from $286,229 to $322,816 (12.8%)
Fountain Hills (Median Price)- Decreased from $709,267 to $605,000 (14.8%)
Gilbert - Increased from $563,984 to $580,113 (2.8%)
Glendale - Decreased from $392,008 to $385,243 (1.7%)
Goodyear - Increased from $456,554 to $469,351 (2.8%)
Litchfield Park - Increased from $493,412 to $504,218 (2.2%)
Maricopa - Increased from $334,692 to $350,960 (4.9%)
Mesa - Increased from $401,452 to $413,914 (3.1%)
Paradise Valley (median price) -Increased from $2,330,000 to $2,842,000 (21.9%)
Peoria - Increased from $471,704 to $483,921 (2.6%)
Phoenix - Decreased from $456,434 to $450,531 (1.3%)
Queen Creek - Increased from $558,564 to $560,123 (0.2%)
San Tan Valley - Increased from $381,396 to $407,728 (6.9%)
Scottsdale - Decreased from $955,295 to $935,995 (2.1%)
Sun City - Increased from $303,034 to $304,384 (0.4%)
Sun City West - Decreased from $367,604 to $353,540 (3.9%)
Surprise - Increased from $387,912 to $400,206 (3.2%)
Tempe - Increased from $427,562 to $444,077 (3.9%)
