Home prices continue to rise

By Mike Sunnucks | Rose Law Group Reporter

New homes sales in the Phoenix market are up 6% from a year ago — an 7% from a month ago.

That is according to a new monthly report from real estate research firm Zonda.

“Demand is still extremely healthy,” said Steven Hensley, advisory manager for Zonda.

High demand spurred by low mortgage interest rates and Arizona’s continued population and job growth has combined with low supplies of new and existing homes for sales.

Hensley said that combination continues to push up housing prices.

The median price for a new home is $390,000 in metro Phoenix — up 14% since last year.

The median price for an existing home is $350,000 — a 17% gain.

Hensley said new home prices continue to see healthy monthly price gains.

The increases do raise concerns about pricing out entry level and first-time home buyers who have been driving the Phoenix residential real estate market.

Builders continue to limit new home sales to six to 10 per subdivision because of supply challenges. There are currently 451 new home subdivisions in Maricopa and Pinal counties — the lowest since 2014.

Otherwise, Hensley said new home sales would likely be more robust.

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