Home prices in North Phoenix are above the national average, but nothing like the most expensive housing markets in the country. Imagine paying $1.1 million for a median-priced home. On the low end, move to the right little city and you could find a median-priced home under $100,000.
The national median existing single-family home price in the second quarter was $255,600, which is up 6.2 percent from the second quarter of 2016 ($240,700), according to an analysis from the National Association of Realtors released this week.
The median price in western states jumped 7.5 percent to $372,400. Closer to home, the second-quarter median home price was $247,300 in the Phoenix metro area. That’s up 5.4 percent from Q2 2016.
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NoPho vs. the Nation
In North Phoenix, home prices in July rose in four of five zones analyzed by North Phoenix News and In&Out Magazine, as reported earlier this month. While these monthly average sales prices are not apples-to-apples comparisons to the national median-sales-price figures, they provide a sense of the differences:
The five most expensive markets in the country, according to NAR:
- San Jose, California, metro area: $1,183,400
- San Francisco: $950,000
- Anaheim-Santa Ana, California: $788,000
- Urban Honolulu: $760,600
- San Diego: $605,000
The five lowest-cost metro areas:
- Youngstown-Warren-Boardman, Ohio: $87,000
- Cumberland, Maryland: $98,200
- Decatur, Illinois: $107,400
- Binghamton, New York: $109,000
- Elmira, New York, $111,600
Why Prices Are Rising
The rising national figures are in line with NAR monthly reports and were attributed to “pitiful levels” of supply.
“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” said Lawrence Yun, NAR chief economist. “Listings typically flew off the market in under a month — and even quicker in the affordable price range — in several parts of the country. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”
That spells challenges for many first-time and lower-income home buyers.
“The glaring need for more new home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments,” Yun said. “An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth building benefits of homeownership.”