Record Home Prices Nearly Everywhere: How Does Phoenix Compare?
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).