The Median Sales Price for the 2nd Quarter was $277,000 in Phoenix, up slightly YoY from $269,000 in Q2 2018. But Q2 ’18 capped a strong run where prices were up 17% over 18 months from Q4 ’16. It makes sense that the market can cool off a little bit while still having an upward trend (green line).
However, it also appears that most of the price appreciation occurs between Q1 and Q2. (that 18-month run last year was the exception.) If this trend holds true, we won’t see prices increase much until next spring…
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.