After a small step back in July, home prices got back to their usual ways again last month, showing nice growth. The continued growth is encouraging to see given the fact that rising interest rates usually slow home purchasing activity down. These price increases show that demand in the Phoenix market continues to be strong as the region grows. The complete, latest numbers are below.
The overall average home price in August increased by 0.8%, moving from $324,095 to $326,938. The increase over August 2018 was 8.3%. The average price per square foot decreased to $161.
Inventory stayed level at 14,083 homes for sale, as did the number of homes sold at 7,802. The numbers indicate that there is just a one and a half month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed completely the same. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (21%), $250,000-$500,000 (47%), $500,000+ ($28%).
Foreclosures and short sales continue to stay at their record low rates of 0.8% 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 August compared to July, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $360,471 to $371,441 (3.0%)
Anthem - Increased from $336,711 to $370,032 (9.9%)
Avondale - Increased from $234,774 to $244,324 (4.1%)
Buckeye - Increased from $238,154 to $242,090 (1.7%)
Cave Creek - (Median Price) Decreased from $473,000 to $455,000 (3.9%)
Chandler - Decreased from $350,112 to $342,092 (2.3%)
Fountain Hills (Median Price)- Increased from $360,000 to $433,750 (20.5%)
Gilbert - Decreased from $365,481 to $353,557 (3.3%)
Glendale - Decreased from $261,006 to $251,443 (3.7%)
Goodyear - Increased from $307,539 to $314,442 (2.2%)
Maricopa - Decreased from $217,719 to $210,668 (3.3%)
Mesa - Decreased from $276,878 to $272,198 (1.7%)
Paradise Valley (median price) -Increased from $1,268,000 to $1,700,000 (34%)
Peoria - Decreased from $315,455 to $314,832 (0.2%)
Phoenix - Decreased from $302,135 to $300,405 (0.6%)
Queen Creek - Increased from $321,185 to $344,243 (7.2%)
San Tan Valley - Increased from $241,505 to $249,976 (3.5%)
Scottsdale - Increased from $547,674 to $578,288 (5.6%)
Sun City - Decreased from $217,760 to $216,304 (0.7%)
Sun City West - Decreased from $264,040 to $259,683 (1.7%)
Surprise - Decreased from $265,416 to $263,176 (0.9%)
Tempe - Decreased from $298,505 to $287,369 (3.7%)
