Will Phoenix Home Prices Surpass 2006 Record?

 
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With metro Phoenix home prices steadily on the rise, the median home price in Phoenix has been prediced to reach a new record of $260,000, coming close to the average home price of $264,800 before the recession. Continuing to heavily climb, the Phoenix home prices are bouncing back and working their way to potentially pass previous home price records.

"In nearly 30 Phoenix-area ZIP codes neighborhoods, prices have climbed back to 2006 levels or even higher, according to The Arizona Republic/azcentral Street Scout Home Values report." From a recent article from azcentral, “2017 was the Valley’s best healthy year for home sales so far, and sales through April are up 4 percent from last year’s pace.” 

Although prices are rising, Metro Phoenix is still a very affordable housing market “compared to the East and West coasts. But the number of houses priced near the area’s median in popular neighborhoods closer in are dwindling.”

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David Arustamian