The home price increases in the Phoenix area paused again last month, which will likely be the trend for the remainder of the year as we enter the holiday season. The inventory still remains low, but it did ease slightly last month as home sales dipped slightly. The year over year price increases remain strong.
The overall average home price in September decreased by 1.4%, moving from $302,688 to $298,313. The increase over September 2016 was 4.7%. The average price per square foot was unchanged at $148.
Inventory increased slightly to 16,754 homes for sale as the number of homes sold dipped to 7,072. This indicates that there is a two and a half month supply of homes on the market, which is a seller's market.
The breakdown of homes currently available remained unchanged for the most part, and homes under $150,000 remain very difficult to find. The percentages of available homes are: $0-$150,000 (5% of the market), $150,000-$250,000 (25%), $250,000-$500,000 (43%), $500,000+ ($27%).
Foreclosures and short sales continue to stay at their record low rates of 0.8% of the market and 0.6% 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 September compared to August, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $339,729 to $328,336 (3.4%)
Anthem - Increased from $303,982 to $310,138 (2%)
Avondale - Increased from $218,793 to $221,441 (1.2%)
Cave Creek - (Median Price) Increased from $402,500 to $430,000 (6.8%)
Chandler - Increased from $333,694 to $334,091 (0.1%)
Fountain Hills (Median Price)- Increased from $374,000 to $417,000 (11.5%)
Gilbert - Increased from $341,878 to $343,530 (0.4%)
Glendale - Decreased from $247,849 to $240,105 (3.1%)
Goodyear - Increased from $285,149 to $288,725 (1.3%)
Maricopa - Increased from $198,039 to $200,949 (1.5%)
Mesa - Decreased from $253,985 to $249,101 (2%)
Paradise Valley (median price) -Decreased from $1,413,000 to $950,000 (33%)
Peoria - Increased from $292,613 to $294,475 (0.6%)
Phoenix - Decreased from $276,636 to $270,723 (2.2%)
Queen Creek - Decreased from $320,322 to $308,457 (3.7%)
San Tan Valley - Decreased from $226,663 to $217,778 (4%)
Scottsdale - Increased from $531,168 to $536,564 (1%)
Sun City - Decreased from $199,151 to $193,353 (3%)
Sun City West - Decreased from $232,958 to $224,235 (3.7%)
Surprise - Decreased from $240,788 to $240,714 (0.1%)
Tempe - Decreased from $276,083 to $266,051 (3.7%)
