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Phoenix Valley Home Prices Keep Rising, Inventory Not Keeping Up
Housing prices are still rising for metro Phoenix. The June housing report shows median prices up 9.4 percent year over year to just under $300,000, but the real concern in Valley real estate is how few homes there are for sale.
There’s now a little less than a two-month supply of homes available for sale in the Valley, a critical low. That means, excluding new construction, if every home for sale right now sells, there’d be nothing left in sixty days. One reason the supply is so low is because sellers are not moving out of homes to move away from the Valley, but rather to move into another home in the metro Phoenix area.
"The silver generation, if you will, are selling their bigger homes and buying something smaller and they just might be moving to a different community. You know, it may not be an active adult or retirement type community, it just might be a smaller home," said Nate Martinez, a realtor with ReMax.
Martinez said the major concern is that new homes are just not being built quickly enough in the lower price ranges to meet buyers’ needs.
ATTOM Data Solutions’ Q2 2018 U.S. Home Sales Report finds sellers are getting more for their homes, with an average gain of $58,000, the highest average home seller gain since Q3 2007. And homeowners who had been holding on are now beginning to sell.
Homeowners who sold in Q2 2018 had owned an average of 8.09 years, the highest average homeownership tenure since ATTOM began tracking in Q1 2000.