Lack of Homes for Sale Pushes Prices Up
The average prices of existing homes sold rose yet again in August, compared to the year prior, across most of NoPho, the I-17 corridor from Norterra to New River. Price per square foot went up in all five zones year-over-year.
A dwindling supply is contributing to the price hikes. Inventory, a measure of how many months it would take to sell all homes currently listed given the current pace, dropped yet again in all five zones in August compared to July. The inventory is historically low in all zones, and barely existent in Anthem Parkside and the Tramonto and Sonoran Foothills zone. Details by zone:
The picture is notably different nationally, where inventory was at a 4.2-month supply at the end of July, the most recent month reported by the National Association of Realtors. One fact holds true across the country and locally: “Clearly, the inventory of moderately-priced homes is inadequate,” said Lawrence Yun, NAR’s chief economist.
The median price for all existing homes sold nationwide was $280,800 in July, up 4.3 percent from a year ago.
