The average price of an existing home in the Phoenix area hit $ 399,900 in June (Getty) As for U.S. cities, Phoenix remains one of the cheaper places to buy a home, but it wins over its competitors. The average price for an existing home in the Phoenix area reached $ 399,900 in June, according to the Wall Street Journal. That’s 31.1 percent more than in June 2020. In cities similar to San Francisco, Los Angeles, and Portland, the median is still more than $ 100,000 below the median inventory price – one reason so many people want to buy there . “When the people of Seattle and Portland come here, they are excited about what they can buy,” said Alan Jones of Lennar Corp. “And from California they go beyond enthusiasm.” The price growth was not only strong, but consistent. According to the S&P CoreLogic Case-Shiller Composite Home Price Index, Phoenix experienced the strongest annual price growth out of 20 cities surveyed in the 23 months through April. That’s just behind Portland’s record 24-month streak from 1990 to 1992. The index reports a two-month lag, but excludes some other high-growth cities like Austin and Boise. Phoenix saw prices jump 22.3 percent year over year from April 2020 to April 2021, ousting San Diego and Seattle for the dubious award of the fastest-growing property prices in the index. Home prices in San Diego rose 21.7 percent year over year, while those in Seattle grew 20.2 percent.
[WSJ] – Dennis Lynch
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