Home prices up almost $100K in past 12 months

By Mike Sunnucks | Rose Law Group Reporter

Home prices are up almost $100,000 for new homes and $87,000 for existing properties over the past 12 months in the Phoenix market.

That is according to new Phoenix housing market data from real estate research firm Zonda.

New homes in Maricopa and Pinal counties are posting a median price of $456,000 — compared to $360,000 a year ago,

Resales homes are averaging $412,000, according to Zonda’s latest data. That is up from $360,000 a year ago.

Higher prices are challenging buyers as builders also grapple with inflation, limited supplies of new homes and supply chain challenges.

Home sales have also edged up regionally after a summer slowdown but are off the unprecedented pace seen last year.

Steven Hensley, advisory manager for Zonda, said new home sales were up 3% in the monthly period between mid-September to mid-October compared to the previous months.

Existing or resale home sales were up 6% month over month.

“Its starting to come back alive a little bit here before we reach the holiday season,” Hensley said.

But demand for new homes is down compared to the 2020’s hectic pace during the pandemic as well as 2019.

Hensley said new home sales are down 36% compared to 2020 and 9% versus 2019.

Hensley said resale home sales are only down 6% from this October’s data compared to a year ago.

Existing home sales inventories were down dramatically during early parts of the COVID pandemic last year — in part because sellers worried about hosting open houses as well as economic uncertainty.

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October 2021