November 21, 2024 9:09 pm
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Phoenix real estate is at the top of the hill, with no end in sight

By Jim Cross | KTAR

PHOENIX– It is not a bubble, but a boom. That is how a long-time economist in Arizona describes the rising real estate prices we are experiencing in the Phoenix metro area.

Valley home prices are up by approximately 18% from May of 2020, when the COVID-19 pandemic took a foothold in Arizona, according to Elliot Pollack with Elliot D. Pollack & Company.

According to the real estate consultant, we are down to an eight-day supply of housing when it’s usually a six-month supply. That is the lowest inventory he has ever seen.

As of May 14, just over 5,000 homes were listed in the Phoenix metro area with a median list price of $345,900, according to a property-listing database.

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