Phoenix new-home inventory hit a new low while houses are selling at a record pace, according to just released April numbers.
The supply of homes available for sale in the Phoenix market is down 26 percent from a year ago while, at the same time, the median price of homes is rising.
“The overall market under $300 thousand across the Valley from suburb is very active," said Nate Martinez, a real estate agent in Phoenix. "Most homes that we put on the market in that price range, we are seeing moving very quickly, multiple offers.”
According to Martinez, the hot market segment right now is single family homes under $500 thousand and that’s what’s driving the inventory shortage.
The median home price for homes sold in April is $254,900, up 8.9 percent from last year.
But despite these rising prices, Phoenix is still not at a pre-Recession peak.
“No, no, we are not there yet. I did research last month and we were still about $20 thousand dollars off average price below the peak, maybe March of 2000,” he said.
He says overall prices are still, in general, five percent off peak while higher-end homes are way off on prices, with variations of 20 percent or more off pre-Recession prices. He says a lot of high-end homes, with prices of $1 million or more, are sitting on the market and not selling.
