Home Sales Soar, Inventory Shrinks
Sales of existing homes rose dramatically in May across NoPho, the I-17 corridor from Norterra to New River, to 237. That’s up 25.4 percent from April, up 14.5 percent from last May, and is the highest single month in the three-plus years that In&Out has been tracking the market.
Inventory plunged in Anthem Country Club to a low not seen since December 2016, and it fell notably in every zone except Anthem Parkside, where supply was already extremely tight.
As in other recent months, overall average sales prices were mixed, but price per square foot continued to climb in all but the rural zone, reflecting the high demand for lower-priced homes amid a clear seller’s market.
The robust local market is in stark contrast to the national picture. Existing home sales nationwide in April, the most recent month available, fell 4.4 percent year-over-year, and pending sales for May declined slightly compared to the previous month and the previous year. The median home price in the country was $267,300 in April, up 3.6 percent from April 2018, representing the 86th straight month of increases.
Details by zone, including a list of every home sold:
