The Year in Review: Home Prices Rise Amid Shrinking Inventory

More than a decade into the recovery from the housing bust, sales of existing homes in 2019 continued to be robust as prices rose across the North Valley. The charts at right illustrate three trends in NoPho, the I-17 corridor in North Phoenix from Norterra to New River, for sales of existing homes (the data excludes new builds). See details below related to the three sections of this chart:

1
All five zones saw sales volume tick up at least slightly in the full 12 months of 2019 compared to 2018, with Anthem Country Club leading the way with a 10.5-percent increase.

2
Price per square foot rose in double digits across all zones from January 2016 through December 2019, with rural areas topping the list in both price and growth. The four-year growth rate:


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3
The strength of the market is linked, at least in part, to a lack of inventory of existing homes for sale, which is calculated as the number of months it would take to sell all homes currently listed based on the pace over the past six months. The inventory decline since December 2017:

The robust housing market is also tied to population growth. For three years in a row, Phoenix and Maricopa County have been the nation’s fastest growing city and county, respectively.

See also our monthly Real Estate Watch, with results for December, including a list of every home sold in each zone:

Monthly NoPho Home Sales Summary


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Robert Roy Britt
NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.
Robert Roy Britt on Email

Robert Roy Britt

NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. Email the author.

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