$481,000 = Median Phoenix Home Price
$481,000 = Median Price of Single-Family Homes Sold in March in Metro Phoenix
1 Month = Up $6,000 or 1%
1 Year = Up $32,000 or 7%
2 Years = Down $9,000 or 2%
What's Going on with Luxury Homes!
Median Price of Single-Family Homes Sold in Phoenix
March 2022 vs March 2024 - 2-Year Change
All Home Sizes = Price Down 2%
Up to 2,000 square feet = Price Down 4%
2,000-4,000 square feet = Price Up 2%
4,000-6,000 square feet = Price Up 21%
"Homebuyers need an annual income of $110,271 to buy a median-priced home in Arizona."
Catherine Reagor in the Arizona Republic.
Number of homes for sale in Phoenix is running very close to 2018 over the last few weeks.
Most “Months of Supply” for this week since 2016.
But still a lot less than this week in 2014.
I hadn't heard about this FTC settlement with Opendoor.
"According to the FTC, Opendoor said it would pay market value for people’s homes while saving them money on costs. That way, people selling their homes would make thousands of dollars more than they would on the open market. But, the FTC says, it wasn’t true.
Instead, the FTC says Opendoor’s offers were lower than a home’s market value, and the company asked sellers to pay for home repair costs that were higher than what people would typically spend on repairs in a market sale. As a result, most people who sold their homes to Opendoor typically lost thousands of dollars compared to what they would have made if they’d sold their homes on the open market."
Help for Tenants!
Surprising for Arizona.
"A new Arizona program can help tenants with children under 16 and seniors with as much as $10,500 or three months' rent... can help tenants pay past-due and future rent, as well as late fees and payments."
“The bill drew opposition from the League of Arizona Cities and Towns and local officials from across the state.”
Catherine Reagor in the Arizona Republic.
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.