For the first time in history the monthly average price of a single-family home in Phoenix (the city - as defined by the USPS) has exceeded $509,000.
One year ago, the average was just over $390,000
The difference between these 2 numbers is over 30%.
To see how the other cities are doing by the same measurements (see MikeB Commentary below).
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The spread or appreciation between today and last year at this time is simply stunning. We're running out of adjectives to describe.
Ridiculous comes to mind when considering the average price in Phoenix is now just over 1/2 a million!
Below are the current market Monthly Average Sales Price snapshots of 11 select Valley cities:
Phoenix and the NE Valley:
The SE Valley:
This is the period of the lock-down last year when we took a steep dive you also see reflected in the graphs above.
Comparing last year's rapid recovery in June forward (an inversion of the seasonal norm) to what happens for the rest of this year will be most interesting.
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