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Arizona Housing Prices Finally Surpass Pre-Recession Levels
The median sale price for previously owned, single-family homes in Maricopa County hit an all time high in May.
According to real estate analyst Fletcher Wilcox, the sale price finally surpassed the previous high in June 2006, before the Great Recession. One of the reasons, he said, is that more people are moving to Arizona.
He also credits more jobs and a home-building drought that hasn’t caught up with the increase in supply. That’s led to a May median home price of $294,900 for previously owned, single family homes. These types of homes are a large share of the housing market, so they’re a good indicator of how the market is doing in general.
Wilcox also thinks the median price will continue going up.
Tina Tamboer with the Cromford Report joined The Show to talk about the big picture of the housing and rental market.