The Median Sales Price in Phoenix was $279,000 last month, up 1.9% from $273,808 in May ‘18. While still an upward trend year over year, it’s a far cry from last year’s 13% increase. The bear in me is seeing a slowdown unfolding in front of our eyes.
An optimist, however, would point out that prices are up 15% over the last 2 years and 18% over the last 3 years, which is appreciation at a pretty brisk clip.
Time will tell whether the current glass is half empty or half full. I’ll be keeping my eye on the trends, and hoping there’s some bourbon in the glass..!
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.