By David Meek | The Arizona Report
Residential real estate values in Phoenix quietly crossed a notable threshold in May 2018. The median sales price of homes around the metro topped the high-water mark first made in June 2006.
That descent and climb took 11 years and 11 months. The residential market has clawed its way back.
At that time, the median sales price reached a peak of $264,800. Then a wave of bank foreclosures and tightened mortgage underwriting standards collapsed the inflated “easy-credit” housing prices. The median sales price for greater Phoenix bottomed out in May of 2011 at $108,300.
Now, foreclosure activity is at its lowest point nationally in over a decade. The number of Arizona mortgages in a state of delinquency (30+ days overdue) is only 2.7% of all outstanding Arizona home loans. This number is lower than the national average of 4.2% of home loans in delinquency.
