Tight inventory forces up prices of existing Valley homes, report says

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Total home sales are up so far this year across the Valley

By Angela Gonzales | Phoenix Business Journal

Pent-up demand and a low inventory of homes on the market is causing prices to increase in metro Phoenix, according to a report from RE/MAX.

“Inventory is extremely tight right now — there’s not a lot on the market,” said Sindy Ready, a real estate agent with RE/MAX Excalibur in Scottsdale. “That’s feeding the increase in pricing.”

Metro Phoenix currently has 1.7 months’ supply of inventory, which is down year over year by 15%, she said.

The median sales price in metro Phoenix at the end of May was $278,000, which is up year over year by 5% in metro Phoenix. Maricopa County’s median sales price is $288,000, up 4.7% year over year, while Pinal County’s median sales price is $223,995, which is up by 10.9% from last year, according to the RE/MAX report.

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