Sales of existing homes in November slowed slightly, compared to October and compared to last November, in Anthem Parkside and Country Club and in the Norterra area, according to the latest monthly analysis by North Phoenix News and In&Out Magazine. November sales were up year-over-year in the Tramonto and Sonoran Foothills area and in New River/Desert Hills. Across all five zones of NoPho, the I-17 corridor from Norterra to New River, 130 homes were sold—two sales ahead of November 2017.
Average sales prices were mostly flat or down, but price per square foot rose across all five zones. Meanwhile, inventory remains very tight in Anthem Parkside, the Tramonto and Sonoran Foothills area, and the Norterra area. See the full analysis of each zone:
Nationally, year-over-year sales volume was down 5.1 percent in October, the most recent month reported.
According to various analysts, low inventory of lower-priced homes, along with pent-up demand by first-time homebuyers, has contributed to 80 straight months of rising prices nationwide even as sales of higher-priced homes soften.
A recent analysis by Trulia predicts the hot housing markets in Silicon Valley and other Western coastal cities will cool in 2019, but Phoenix will remain a hot spot due to growth in jobs and population and comparably affordable home prices.