Record Home Prices Nearly Everywhere: How Does Phoenix Compare?

By Christina Estes
Published: Tuesday, May 11, 2021 - 12:37pm
Updated: Wednesday, May 12, 2021 - 8:07am

Open house
Sky Schaudt/KJZZ
An open house in the Phoenix area in May 2021.

The National Association of Realtors says 99% of metro areas it tracks recorded year-over-year increases in home prices. And 89% reported double-digit gains.

The areas with the biggest jump in median sales prices are:

  • Kingston, New York, up 35.5%.
  • Bridgeport-Stamford-Norwalk, Connecticut, up 34.3%.
  • Atlantic City, New Jersey, up 34%.
  • Barnstable Town, Massachusetts, up 33.1%.
  • Boise City-Nampa, Idaho, up 32.8%.

Prices in metro Phoenix increased 21% from the first quarter of 2020 to the same period in 2021. The NAR lists the median sales price at almost $374,000 compared to $309,000 in Q1 2020.

Nationally, the median price for existing-home sales rose more than 16% year over year to $319,000. The average national monthly mortgage payment went from $995 to $1,067.

“Significant price increases throughout the country simply illustrate strong demand and record-low housing supply,” said Lawrence Yun, NAR chief economist. “The record-high home prices are happening across nearly all markets, big and small, even in those metro areas that have long been considered off-the-radar in prior years for many home seekers.”

All regions recorded double-digit growth with the Northeast leading at 22.1%, followed by the West at 18%, the South at 15% and Midwest at 14.4%.

The NAR said nationally, a household typically needed an income of $51,216 to pay a 30-year fixed-rate mortgage with a 20% down payment. In 68% of its measured markets, a household needed less than $50,000 to afford a home.

Markets that required more than $100,000 household income are:

  • San Jose-Sunnyvale-Santa Clara, California ($242,682 income).
  • San Francisco-Oakland-Hayward, California ($194,145 income).
  • Anaheim-Santa Ana-Irvine, California ($161,788 income).
  • Urban Honolulu, Hawaii ($152,145 income).
  • San Diego-Carlsbad, California ($123,525 income).
  • Boulder, Colorado ($117,555 income).
  • Los Angeles-Long Beach-Glendale, California ($110,404 income).
  • Seattle-Tacoma-Bellevue, Washington ($105,712 income).
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