Home prices in the metro Phoenix area took a slight dip last month, despite the fact that over half of the individual cities around the metro area experienced home price increases. Inventory in most cities remains extremely low, which has some buyers on the sidelines out of frustration of not being able to find a home that they like in their price range. The complete, latest numbers are below.
The overall average home price in August compared to July decreased by 0.5%, moving from $345,674 to $344,111. The increase over August 2018 was 5.2%. The average price per square foot decreased to $168.
Inventory stayed primarily the same at 11,635 homes for sale, as did the number of homes sold, moving up slightly to 8,381. The numbers indicate that there is just a little over a one 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 (3% of the market), $150,000-$250,000 (16%), $250,000-$500,000 (47%), $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 August compared to July, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $369,437 to $384,114 (3.9%)
Anthem - Increased from $350,141 to $374,307 (6.9%)
Avondale - Increased from $250,771 to $260,721 (3.9%)
Buckeye - Increased from $260,364 to $270,660 (3.9%)
Cave Creek - (Median Price) Decreased from $467,000 to $466,200 (0.2%)
Chandler - Increased from $357,362 to $369,800 (3.5%)
Fountain Hills (Median Price)- Decreased from $429,000 to $415,000 (3.3%)
Gilbert - Decreased from $397,297 to $384,946 (3.2%)
Glendale - Increased from $275,295 to $280,432 (1.9%)
Goodyear - Increased from $315,350 to $323,747 (2.7%)
Litchfield Park - Increased from $349,141 to $358,316 (2.6%)
Maricopa - Increased from $228,027 to $233,059 (2.2%)
Mesa - Increased from $299,159 to $300,052 (0.3%)
Paradise Valley (median price) -Increased from $1,342,000 to $2,310,000 (72%)
Peoria - Decreased from $343,248 to $335,429 (2.2%)
Phoenix - Increased from $315,156 to $317,484 (0.7%)
Queen Creek - Increased from $363,711 to $380,651 (4.7%)
San Tan Valley - Increased from $252,239 to $260,992 (3.5%)
Scottsdale - Decreased from $601,554 to $577,103 (4.1%)
Sun City - Decreased from $230,704 to $227,209 (1.5%)
Sun City West - Decreased from $277,974 to $267,004 (4.1%)
Surprise - Increased from $280,649 to $282,343 (0.6%)
Tempe - Decreased from $309,513 to $305,993 (1.1%)
