I’ve been watching softness develop in the higher-priced homes over the last couple of months, but this is the first chart which has shown it so bluntly.
The Median Sales Price in Scottsdale was $591,000 last month, down 2% from $604,250 in June ’18. (although we’re still up 4.6% from $565,000 in June ‘17.)
I’ve written before about the fluctuations in month-to-month comparisons, which is why I try to look at longer-term trends. Unfortunately, the longer-term trend looks worse than the monthly year-over-year comparison:
In 2017, June was the highest price month of the year, capping a 5.4% spike in pricing from April to June.
In 2018, June was the 2nd highest price month of the year, and the spring saw a 5% surge from April to June.
In 2019, prices have declined 5.4% from April through June.
We’ve seen pricing “blips” before, so I’m not ready to run for the hills in panic mode. That being said, most of the time the blips are single months, and they don’t go against seasonal trends. It’s definitely time to be careful out there…
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.