Despite pressure from increasing interest rates and normal end-of-year slowing, Phoenix area home prices showed strong gains in October. Although there was little consistency from area to area in terms of gains and losses, several cities, including the city of Phoenix and a handful of suburbs, showed substantial gains. The complete, latest numbers are below.
The overall average home price in October increased by 2.5%, moving from $321,441 to $329,537. The increase over October 2017 was 9.9%. The average price per square foot increased to $235.
Inventory decreased slightly to 16,126 homes for sale, while the number of homes sold increased to 6,843. The numbers indicate that there is just a 2.5 month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed exactly the same, with homes priced under $150,000 remaining scarce. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (22%), $250,000-$500,000 (47%), $500,000+ ($28%).
Foreclosures and short sales continue to stay at their record low rates of 0.5% of the market and 0.3% 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 October compared to September, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $346,879 to $338,606 (2.4%)
Anthem - Decreased from $366,313 to $344,624 (6.0%)
Avondale - Decreased from $235,514 to $234,431 (0.5%)
Buckeye - Increased from $241,035 to $246,346 (2.2%)
Cave Creek - (Median Price) Increased from $454,500 to $510,000 (12.2%)
Chandler - Decreased from $347,804 to $345,562 (0.7%)
Fountain Hills (Median Price)- Increased from $372,500 to $386,000 (3.6%)
Gilbert - Decreased from $367,494 to $348,392 (5.2%)
Glendale - Decreased from $262,245 to $261,159 (0.4%)
Goodyear - Increased from $303,761 to $306,640 (0.9%)
Maricopa - Decreased from $217,481 to $216,290 (0.5%)
Mesa - Increased from $275,377 to $276,376 (0.4%)
Paradise Valley (median price) -Decreased from $1,540,000 to $1,295,000 (16%)
Peoria - Increased from $311,065 to $324,043 (4.1%)
Phoenix - Increased from $292,415 to $310,081 (6.1%)
Queen Creek - Increased from $340,842 to $370,827 (8.8%)
San Tan Valley - Increased from $236,839 to $254,378 (7.4%)
Scottsdale - Increased from $568,314 to $592,387 (4.2%)
Sun City - Decreased from $218,010 to $216,749 (0.6%)
Sun City West - Decreased from $259,226 to $258,752(0.2%)
Surprise - Decreased from $263,563 to $263,380 (0.1%)
Tempe - Decreased from $300,590 to $294,952 (1.9%)
