Looking at February sales, we can see Tempe’s Median Sales Price was up 7.5% YoY compared with Feb ‘18 and the median price has more than doubled during this decade.
2014 is an interesting blip in the chart, well above the overall trendline. When examining the sales from Feb ‘14, the difference is that there were far fewer low-priced home sales than normal that month (ie: homes selling for less than $110,000.) So, although there were a normal amount of mid-priced and high-priced homes, the lack of low-priced homes that month pushed the median price higher. That is a good old fashioned statistical anomaly; the rest of the chart shows a near perfect price appreciation trend.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.