By Mike Sunnucks | Rose Law Group Reporter
The median price for a new home in the Phoenix metropolitan area has surpassed $400,000, according to new data from real estate research firm Zonda.
Steven Hensley, advisory manager with Zonda, said the median new home prices in metro Phoenix stand at $403,000.
That is according to Zonda’s regional residential real estate data from mid-March to mid-April. It translates into a 16% jump from last year.
“Prices are continuing to rise,” Hensley said pointing to a 3% monthly jump in new home prices.
The median prices for an existing / resale home stands at $369,000, Hensley said.
The housing market continues to see strong demand fueled by low mortgage interest rates and low supplies of homes.
Home prices in Coolidge and Florence, for example, are up 10.5% the last two months, Hensley said.
New homes sales were up 17% in the Phoenix region over the last 12 months, according to Zonda’s numbers.
“It just shows how insatiable demand has been over the last 12 months,” Hensley said.
He also said there are 100 fewer active new home subdivisions in Maricopa and Pinal counties compared to a year ago. There are 427 active subdivisions in the region — the lowest in seven years, Hensley said.
The rise in home prices does threaten to price more buyers out of the market and could potentially challenge one of Phoenix’s long standing competitive advantages against other big cities — cheaper housing costs.