The median sales price in Phoenix hit $267,000 last month - the highest ever for the month of February and 6% higher than last year’s then-record $252,000.
The housing bubble is easy to see, but it’s also interesting to note the pricing lag. 2005 and early 2006 were the peak years in terms of activity and the market being “red hot”, where any listing at any price would receive multiple offers before lunch on the first day. But even though the market started to cool off in late 2006, the median price continued upward in 2007 and held fast in 2008, before prices crashed in 2009.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.