Valley home prices hit new record as bidding wars and sales soar; more building needed, says real estate consultant Jim Belfiore

Image by Kari Shea

By Catherine Reagor | Arizona Republic

Metro Phoenix home prices and sales are bucking the COVID-19 recession and soaring.

The Valley’s median home price has hit a record high of $315,000, according to the Arizona Regional Multiple Listing Service.

Home sales climbed 12% to reach a monthly high for July, a typically slow time for the area’s housing market as buyers opt to avoid the heat.

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