Strong Suburban Sales Push Home Prices Higher
Double-digit increases in existing home sales across suburban areas in the North Valley drove prices ever higher in November. Only the rural regions saw lower sales volume.
Total sales in November were up 18 percent year-over-year in NoPho, the I-17 corridor from Norterra to New River, but in just the four suburban zones, total sales rose 32 percent.
Home sales tend to be seasonal, with October through February typically seeing fewer closings. While that trend looks to be playing out this fall, with closings down since a peak in May, total sales through 11 months in all five zones are 4 percent ahead of 2018.
Inventory remains incredibly tight across the region, driving quick sales in many neighborhoods, particularly with more affordable homes that appeal to first-time buyers.
Details by Zone: