Phoenix luxury home market seeing a summer rebound – Phoenix Business Journal

While the chronic supply shortage of homes for sale across metro Phoenix pushed prices up dramatically yet again in June, the luxury home market has been particularly hot this summer, according to the latest monthly housing report Monday by Arizona State University.

The Valleywide median single-family home price — which includes all type of sales — was $190,000 in June, up by nearly 27 percent from a year ago and 2.7 percent from May, the report said. Normal resales were up about 11 percent year-over-year to a median price of $200,000 in June while new homes surged 27 percent on annual basis to $271,885.

These dramatic price increases are largely due to the fact that there are very few homes available for sale.

via Phoenix luxury home market seeing a summer rebound – Phoenix Business Journal.

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