Home sales and home price increases remained extremely brisk last month, although not quite to the extent of July. Although there were fewer homes sold, the inventory of available homes did not increase in any meaningful way. There are simply not enough new home listings coming on the market each month. Interest rates are also still near historical lows. The complete, latest numbers are below.
The overall average home price in August compared to July increased by 1.9%, moving from $401,199 to $408,886. The increase over August 2019 was 18.8%. The average price per square foot increased to $208.
Inventory decreased slightly to 6,636 homes for sale, and the number of homes sold also decreased to 8,332. This means that there is less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices changed slightly, with homes under $150,000 slowly decreasing to near zero. The percentages of available homes are: $0-$150,000 (2% of the market), $150,000-$250,000 (11%), $250,000-$500,000 (40%), $500,000+ (47%).
Foreclosures and short sales continue to stay at their record low rates of 0.2% of the market and 0.1% 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 - Decreased from $425,131 to $423,540 (0.4%)
Anthem - Decreased from $405,395 to $392,309 (3.2%)
Avondale - Increased from $272,526 to $292,052 (7.1%)
Buckeye - Increased from $302,883 to $309,218 (2.1%)
Cave Creek - (Median Price) Increased from $525,000 to $600,000 (14.3%)
Chandler - Decreased from $417,648 to $413,173 (1.1%)
Fountain Hills (Median Price)- Decreased from $522,500 to $512,000 (2.1%)
Gilbert - Increased from $435,189 to $437,204 (0.4%)
Glendale - Increased from $312,183 to $319,691 (2.4%)
Goodyear - Decreased from $351,897 to $342,585 (2.7%)
Litchfield Park - Decreased from $433,887 to $423,244 (2.5%)
Maricopa - Increased from $261,321 to $274,843 (5.2%)
Mesa - Decreased from $332,539 to $326,428 (1.9%)
Paradise Valley (median price) -Decreased from $1,625,000 to $1,362,500 (16.2%)
Peoria - Increased from $372,689 to $392,278 (5.2%)
Phoenix - Increased from $363,713 to $371,018 (2.0%)
Queen Creek - Increased from $431,240 to $454,095 (5.3%)
San Tan Valley - Increased from $290,736 to $303,499 (4.4%)
Scottsdale - Increased from $699,625 to $723,518 (3.4%)
Sun City - Increased from $259,456 to $260,406 (3.6%)
Sun City West - Decreased from $323,493 to $299,073 (7.6%)
Surprise - Increased from $309,539 to $310,520 (0.3%)
Tempe - Increased from $347,185 to $356,682 (2.7%)
