After a notably sluggish February, existing home sales marched back last month across NoPho, the I-17 corridor from Norterra to New River, according to the latest monthly analysis by In&Out Magazine and North Phoenix News. Prices rose in all five zones of the region.
Sales roared back particularly in Anthem, the Norterra area and the Tramonto and Sonoran Foothills area, while falling in New River & Desert Hills. The 207 existing homes sold in March across NoPho was nearly double the total of 107 in February and 9 percent above the count in March 2017.
Prices compared to last March rose in all five zones, continuing a years-long trend of rising prices mirrored nationally. The median price of existing homes across the country has risen 72 straight months, reaching $241,700 in February, the most recent month analyzed by the National Association of Realtors.
Inventory remained extremely tight in three of the five local zones (click on any zone to see more detail, including a list of every home sold in March):
- Anthem Parkside: 2.0 months
- Norterra Area: 2.6 months
- Tramonto & Sonoran Foothills: 3.2 months
- Anthem Country Club: 4.4 months
- Desert Hills/New River: 6.5 months
Nationally, inventory has fallen for 33 consecutive months to a 3.4-month supply. Less than 6 months is considered a “seller’s market.”