Longer time periods (like quarterly instead of monthly) and larger areas (like Maricopa County instead of a particular suburb) provide more data points, which usually smooths out most of the variance. And this chart is no exception.
Looking at the Median Price per Square Foot of homes sold in Maricopa County, by Quarter, shows a nice, smooth, upward-sloping trend over the last 4.75 years. There is not one instance where the median $/sqft dropped from one quarter to the next. (It only increased a few cents from Q2 to Q3 in 2016, but that’s still an increase.)
This tells us that, even though various cities and neighborhoods have had some volatility, especially when looking at month-to-month numbers, the Valley of the Sun as a whole has been riding a very stable upward trend over the last several years.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.