Home prices across the country continued a long upward trend, especially in the western states, as low inventories of existing homes led to quick sales in July.
The number of existing homes sold in the West during July rose 5 percent compared to the previous month, and also 5 percent compared to last July, according to the monthly report from the National Association of Realtors, out today. The median price in the West was $373,000, up 7.6 percent from July 2016.
North Phoenix Numbers
The story is similar locally. The exclusive monthly Real Estate Watch analysis by In&Out Magazine and North Phoenix News, reported earlier this month, finds inventory in July tightened in four of the five NoPho zones:
- Norterra Area (2.8 months)
- Tramonto & Sonoran Foothills Area (2.7 months)
- Anthem Parkside (1.6 months)
- Anthem Country Club (2.7 months)
Likewise, prices were up in four of the five NoPho zones, and while the number of sales declined compared to June, the total of 169 resale homes closed in NoPho during July was 17 percent higher than the total for July 2016.
Inventory in the U.S. declined slightly from 4.3 months in June to 4.2 months in July. Less than 6 months is considered a seller’s market, and tight inventory tends to put upward pressure on prices.
Nationally, sales were down 1.3 percent in July compared to June, but up 2.1 percent compared to last July. The median home price was $258,300 in July, up 6.2 percent from last July and the 65th straight month of year-over-year increases.
Buyer demand remains high across the nation, with homes going under contract after slightly less than 30 days on the market, on average.
“Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” Lawrence Yun, NAR chief economist, said in a statement today.
The figures include sales of single-family homes, townhomes, condominiums and co-ops.