The number of existing homes sold in NoPho, the I-17 corridor from Norterra to New River, declined across all five zones in March. Total sales were 167, compared to 208 last March. However, for the first three months of this year, total sales are just 4 percent lower than the same period last year, and buyer interest remained strong, especially for lower-priced homes that are frequently going under contract in a matter of days.
The recent, surprising drop in interest rates also has buyers excited.
Sale prices were a mixed bag, yet price per square foot held steady or rose across all zones. Meanwhile, inventory was flat or rose across the region, yet remains in seller’s-market territory, below the 6-month threshold.
For the most recent month reported nationally, home sales volume was down 1.8 percent in February compared to the year prior, and prices continued an 84-month upward trend with an average sales price of $249,500, 3.6 percent above February 2018.
See details by zone, including a list of every home sold: