{"id":13209,"date":"2021-09-20T07:09:53","date_gmt":"2021-09-20T14:09:53","guid":{"rendered":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/?p=13209"},"modified":"2021-09-20T07:11:16","modified_gmt":"2021-09-20T14:11:16","slug":"the-median-home-sale-price-in-phoenix-has-jumped-to-405k","status":"publish","type":"post","link":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/in-house-news\/the-median-home-sale-price-in-phoenix-has-jumped-to-405k","title":{"rendered":"The Median Home Sale Price in Phoenix Has Jumped to $405K"},"content":{"rendered":"\n
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The residential real estate market remained strong nationwide last month as record-breaking sales continued.<\/p>\n\n\n\n

Appetite remained high despite home sales dropping 3.5% from July, while the median home sale price slipped 1.2% to $335,000, according to RE\/MAX’s latest monthly housing report<\/a>. This may indicate that 2021\u2019s busiest homebuying and selling months have most likely passed, which is typical for this time of year.<\/p>\n\n\n\n

Out of the 51 metro areas examined in the report from MLS data, Phoenix was one of 36 cities where the median home sales price actually increased by a double-digit percentage year-over-year by +24.9%. That means the median home sale price in Phoenix is now $405,950, up from $325,000 compared to August 2020.<\/p>\n\n\n\n

\u201cThe slight seasonal decline in home sales from July to August was countered by this being the second-highest August sales total in the 13-year history of our report. So, although we appear to be past the blistering summer peak, the market is still very active,\u201d says Nick Bailey, President, RE\/MAX, LLC, in the report. <\/p>\n\n\n\n

Bailey continues: \u201cIn fact, the drop in home prices might signal to potential sellers that it\u2019s time to get off the fence in case they fall further, which in turn could draw more buyers back into the mix. In any case, it seems likely that the combination of super-quick sales and a severe lack of inventory will be with us for the foreseeable future.\u201d<\/p>\n\n\n\n

With year-over-year comparisons skewed by the pandemic, July-to-August averages for 2015-2019 illustrate what\u2019s typical in late summer:<\/p>\n\n\n\n