Home prices in September continued the recent up and down trend of small increases and decreases month over month. Prices stepped back slightly last month after gains in the previous month. Interest rates took another large jump in the last 60 days which is finally starting to have some impact on buyer's price ranges. Demand for homes remains extremely high however and inventory remains low. The complete, latest numbers are below.
The overall average home price in September decreased by 1.7%, moving from $326,938 to $321,441. The increase over Septemper 2017 was 7.7%. The average price per square foot increased to $163.
Inventory, while still very low, increased slightly to 15,812 homes for sale, while the number of homes sold decreased to 6,658. The numbers indicate that there is just a 2 month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed about the same, although the number of available homes under $150,000 is becoming very small. 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 0.3% of the market and 0.4% 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 $371,441 to $346,879 (6.4%)
Anthem - Decreased from $370,032 to $366,313(1.1%)
Avondale - Decreased from $244,324 to $235,514 (3.4%)
Buckeye - Decreased from $242,090 to $241,035 (0.4%)
Cave Creek - (Median Price) Decreased from $455,000 to $454,500 (0.1%)
Chandler - Increased from $342,092 to $347,804 (1.7%)
Fountain Hills (Median Price)- Decreased from $433,750 to $372,500 (14.2%)
Gilbert - Increased from $353,557 to $367,494 (3.9%)
Glendale - Increased from $251,443 to $262,245 (4.3%)
Goodyear - Decreased from $314,442 to $303,761 (3.4%)
Maricopa - Increased from $210,668 to $217,481 (3.2%)
Mesa - Increased from $272,198 to $275,377 (1.2%)
Paradise Valley (median price) -Decreased from $1,700,000 to $1,540,000 (.5%)
Peoria - Decreased from $314,832 to $311,065 (1.2%)
Phoenix - Decreased from $300,405 to $292,415 (2.7%)
Queen Creek - Decreased from $344,243 to $340,842 (1.0%)
San Tan Valley - Decreased from $249,976 to $236,839 (5.3%)
Scottsdale - Decreased from $578,288 to $568,314 (1.7%)
Sun City - Increased from $216,304 to $218,010 (0.8%)
Sun City West - Decreased from $259,683 to $259,226 (0.2%)
Surprise - Increased from $263,176 to $263,563 (0.2%)
Tempe - Increased from $287,369 to $300,590 (4.6%)
