Are Phoenix Prices Declining?

The Median Sales Price in Phoenix has declined for three months in a row. (cue Chicken Little and “the sky is falling…”)

Let’s take a step back and look at the bigger picture:

  • The overall trend over the last 21 months slopes upward.

  • The Median Sales Price for Sept 2018 is $262,000, which is 9% higher than the $241,000 median price in Sept 2017. (and 16% higher than Jan 2017.) So prices are up Year over Year.

  • The Median Sales Price dipped in August and September last year, too. This looks like a seasonal trend.

I will start to worry if we get to March next spring and prices aren’t rising from their winter lows. In the meantime, let’s take it in stride; tell Chicken Little the sky will stay right where it is.

- Chris Butterworth

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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.