After a couple of up and down months at the end of the summer, home prices made another strong positive move in October. It was the largest monthly increase this year. Low inventory continues to be the primary reason for the increases, coupled with the growing Phoenix area economy and population gains. The complete, latest numbers are below.
The overall average home price in October compared to September increased by 3.6%, moving from $338,704 to $351,060. The increase over October 2018 was 6.4%. The average price per square foot increased to $183.
Inventory stayed flat at 12,293 homes for sale, and the number of homes sold increased slightly to 7,470. The numbers indicate that there is less than a two 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 (4% of the market), $150,000-$250,000 (17%), $250,000-$500,000 (45%), $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 October compared to September, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $389,458 to $366,094 (6%)
Anthem - Increased from $393,148 to $394,878 (0.4%)
Avondale - Increased from $259,389 to $264,790 (2.1%)
Buckeye - Decreased from $270,660 to $261,867 (3.3%)
Cave Creek - (Median Price) Increased from $420,000 to $446,990 (6.4%)
Chandler - Increased from $353,112 to $381,392 (8%)
Fountain Hills (Median Price)- Increased from $365,000 to $424,000 (16.1%)
Gilbert - Decreased from $390,447 to $385,779 (1.2%)
Glendale - Increased from $274,999 to $276,049 (0.3%)
Goodyear - Increased from $316,153 to $323,703 (2.4%)
Litchfield Park - Increased from $339,601 to $376,311 (10.8%)
Maricopa - Decreased from $232,561 to $229,738 (1.2%)
Mesa - Decreased from $306,817 to $304,360 (0.9%)
Paradise Valley (median price) -Decreased from $1,375,100 to $1,135,000 (17.5%)
Peoria - Decreased from $334,869 to $332,608 (0.7%)
Phoenix - Increased from $315,548 to $327,001 (3.6%)
Queen Creek - Increased from $375,772 to $389,685 (3.7%)
San Tan Valley - Increased from $261,997 to $280,165 (6.9%)
Scottsdale - Increased from $550,350 to $593,982 (7.9%)
Sun City - Increased from $225,009 to $233,839 (3.9%)
Sun City West - Increased from $264,027 to $268,791 (1.8%)
Surprise - Increased from $276,180 to $282,699 (2.3%)
Tempe - Increased from $312,112 to $321,985 (3.1%)
