Home Prices Rise Across NoPho and Nationally

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Prices of existing homes continued a long-running upward trend in NoPho and Anthem and in most of the country, as the supply of homes for sale remains tight, according to two new reports. Meanwhile, prices locally remain well below the country’s most expensive metro areas. Can you fathom $1.17 million for a median-priced home (see below)?

While October was not a notably busy month for home sales in North Phoenix, average prices rose across all five NoPho zones compared to October 2016, according to the latest analysis by North Phoenix News and In&Out Magazine. The price per square foot rose in four of the five zones and was unchanged in the fifth.

The total of 147 existing NoPho home sales that closed in October was down from 156 in September but up from 143 in October 2016.

Inventory of homes for sale remains tight, at 4.1 months or less in all five NoPho zones. The inventory figure represents how long it would take to sell all the homes currently listed based on average rate of sales during the previous 6 months, and presuming no additional homes are listed. Less than 6 months is considered a “seller’s market.”

Inventory remains particularly tight in Anthem Parkside, at 1.4 months, and in the Tramonto & Sonoran Foothills zone, at 2.0 months.

Overview & Details on Each Zone

National Numbers

Low inventory continue to put upward pressure on prices in most parts of the country.

The national median existing single–family home price in the third quarter — July to September — was $254,000, up 5.3 percent from the same period last year, according to a the National Association of Realtors report out this month.

Total existing–home sales, including single family and condos, was at a seasonally adjusted annual rate of 5.39 million in the third quarter, just 0.2 percent higher than the same period in 2016. But the modest increase is not for lack of demand.

The supply of homes nationally was at 4.2 months as of September, down from 4.5 months a year ago.

“Home prices have risen year-over-year for 67 straight months and multiple offers on listings for sale are a common occurrence,” said Jessica Lautz, NAR’s managing director of survey research and communications. “Without enough listings on the market, affordability is decreasing and buyers are increasingly saying finding the right home is their top struggle.”

How NoPho Compares

See the chart above and compare average sales prices in NoPho prices elsewhere. (Note that NAR’s single-family-home median prices shown below, for in 3rd-quarter, are not an apples-to-apples comparison to average sales price.)

Most expensive metro areas:

San Jose, California: $1,165,000
San Francisco, $900,000
Anaheim–Santa Ana, California, $790,000
Urban Honolulu, $760,200
San Diego, $607,000

Cheapest metro areas:

Decatur, Illinois, $86,300
Youngstown–Warren–Boardman, Ohio, $88,900
Cumberland, Maryland, $96,400
Wichita Falls, Texas, $113,800
Elmira, New York, $117,300


Help Save Our Community
Small businesses are the lifeblood of our country and even more so this community. Supporting local businesses during this crisis can help keep our community economically viable. Please strongly consider supporting the businesses below, In&Out Magazine's display advertisers, as well as those in the Classifieds section of the magazine (see the full April 9 issue in PDF form). Many of these businesses have been part of the fabric of this community for two decades, not just serving our professional, service and retail needs but stepping up to support local charities, sports teams and so much more. Tip: If you know you’ll need to schedule a service, consider contacting a local business you trust and paying the standard fee for the deferred service. The links below go to their web sites.

Adult & Pediatric Allergy Associates • 602-242-4592
Anthem Senior Living • 602-909-9550
Appliance Pros • 502-501-5501
Business Network of Anthem • 623-455-9630
Carroll Law Firm • 623-551-9366
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Creative Home Enhancements • 623-551-5409
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Kendallwood Design • 602-252-3844
Kodiak Roofing • 602-501-7717
Luv My PC • 480-703-6609
Merrill Gardens • 623-201-4881
North Valley Water Solutions • 623-551-0515
Preferred Business of Anthem • 623-551-0523 
Prickett Realty • 623-551-8111
ProSkill Services • 623-551-7473
RE/MAX Professionals - Mike Higgins • 623-640-7502
Rise Above Remodeling • 623-551-2013
Soft Water Plus • 623-551-7383
SonoranScapes Landscaping • 602-842-9948
State Farm Insurance - Justin Simons • 623-551-3700
Storage at Anthem • 623-226-8634
Sunset Cabinets • 623-687-6579
Thompson & McGinnis Attorneys at Law • 602-952-2666
Titan Tree Care • 623-444-8448
Titan Pest Control • 623-879-8700
Wyman Plumbing & Mechanical • 623-551-6688

For more local businesses, see In&Out Magazine Classifed Ads >>>  
 
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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