Another record month in real estate. For the first time ever the median price of a home in the Phoenix Arizona metro area peaked at $302,500 during March 2020. Generally homes are continuing their surge up comparing year to year prices and are now up from a median of $264,000 a year ago in March 2019.
However, this new record reflects sales for contracts closing in March 2020 which was pre "Shelter In Place" and COVID19 protocol which started in March and now running into April.
Record Median Home Price Phoenix Arizona Metro Area
Catherine Reagor of the Arizona Republic reported, April 26, 2020, "Metro Phoenix median home price hit a record in March, but most of the sales that drove the price up to $302,500 were negotiated before COVID-19 hit. The forecast for April is a slight dip in home prices to a median of about $300,000, according to pending sales tracked by the Arizona Regional Multiple Listing Service. Part of the projected slip in the area’s median home price this month will be due to more lower-priced homes listed for sale after the coronavirus started shaking the economy in mid-March."
Phoenix metro single family detached home
Prices still rising
Reagor further reported, "Housing expert Tom Ruff of ARMLS’s Information Market group said many of those listings are likely highly leveraged short-term rentals that owners need to sell quickly. Those listings might give first-time buyers who have been outbid by investors a break, which would lead to more sales. But that trend hasn't shown up in the weekly indicators yet. Tracking market by the week instead of month Housing analysts in the novel coronavirus pandemic are comparing home sales and prices by the week instead of by the month. Ruff said the number of homes for sale climbed during the last week of March, likely due to some panicked sellers. Listings now are falling again with the number of homes for sale down 12% from April 2019. “Both buyers and sellers have taken a step back,” he said. Valley home sales are expected to drop about 30% in April.
Home Selling Prices remain affordable due to Lowest Mortgage Rates Since 2016 This Week
BankRate.com reported, April 23, 2020, "Mortgage rates edge down this week The benchmark 30-year fixed-rate mortgage fell this week to 3.55 percent from 3.58 percent, according to Bankrate’s weekly survey of large lenders. That’s the lowest since September 2016."
Single Family Detached Homes For Sale in the Phoenix Metro on the MLS
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