Priced Out: Entry Level Home Prices Rise In Phoenix
First-time buyers are getting priced out in Phoenix at the start of 2019 because fewer homes are available for sale at entry level price points and multiple buyers are forced to compete.
January’s National Housing Report from RE/MAX shows that in Phoenix, the median price for a home is $263,000, up 6.7 percent from a year ago. Over the same time period, homes available for sale have dropped three percent.
Sindy Ready, an associate broker with RE/MAX, said homes priced at $325,000 and under are getting multiple offers, which is artificially driving the prices up.
“So every time a house sells, the next house gets priced a little higher than the last sale. And the sellers are all, like, 'my house is great, and I’m the only thing on the market, so I’m going to push the pricing up a little bit,” she said.
Ready said Maricopa isn’t the only county where sellers are testing the market on pricing. Pinal’s median home price is also up year over year, by 11.3 percent.