By Mike Sunnucks | Rose Law Group Reporter
New home prices in the East Valley are up 11% over the past three months as demand and inflation put upward pressures on the price of housing.
Steven Hensley, advisory manager for real estate research firm Zonda, said new home prices are up 11% and resale / existing home prices are up 10% from March to June.
“That’s significant,” Hensley said.
He said the median prices for a new home in the East Valley — which includes Chandler, Mesa and Gilbert — stands at close to $550,000.The median existing home price in the East Valley is approximately $470,000.
“New homes are definitely selling at a premium,” Hensley said.
The price gains in the East Valley mirror other parts of the Valley where continued strong buyer demand, low mortgage interest rates and inflationary pressures on the costs of materials and labor put upward pressure on prices.
Hensley said there is a limited supply of new homes regionally and in more built-out markets areas such as the East Valley.