Phoenix just broke another record for home prices as the average home price hits and rises above $ 359,300. PHOENIX (3TV / CBS 5) – Janna Stults and her family live near Seattle but are planning to move back to the Phoenix area. The only problem – house prices are skyrocketing and they can’t find anything they can afford. “To see a price increase of $ 75,000 over an 8 week period is very much an exaggeration for me,” said Stults. “We have some money that we saved for a down payment, but in certain areas we are priced out quickly.” Desperate buyers go to extremes to get hold of a home The Phoenix metro area’s housing market is on fire, and prices for new and existing homes are rising every day. The Arizona Residential Multiple Listing Service said the average home price hit a record in the valley in March from $ 359,300, and all indications are that it will jump even higher in the months ahead. Phoenix Real Estate Sellers Market Is Brutal For Local Buyers Real estate analyst John Wake looked at ARMLS data to identify the top 5 Valley zip codes where property prices rose the most from April 2020 to April 2021, he found: 85249 in Chandler – home prices are up 43 percent85201 in Mesa – home prices are up 43 percent85,268 in Fountain Hills – home prices are up 47 percent85,255 in Scottsdale – home prices are up 51 percent85253 in Paradise Valley – home prices are up 59 percent. Wake said what he sees is simple supply and demand. A lot of people looking to buy a home don’t have enough houses to sell and that drives up prices. “You’d think if prices went up, more people would want to sell, but we don’t see that,” said Wake. “That void is bigger and we only have an incredibly small number of homes available for sale right now.” 0:47 Will the housing market collapse in 2021? Sakala Group’s real estate agent Shelley Sakala said that even if a homeowner wants to sell to make money, they know they have nowhere to go in this market. “We’re seeing people being pushed out of the market, and that’s really unfortunate,” said Sakala. “Arizona was the number one state in the US last year, and it continues now.” The Stults are now considering renting them until the market cools down, which could take a while. “I feel with all the families out there who are looking to buy right now; these are really challenging times,” said Stults. Please visit their website for more details on the latest ARMLS report. Copyright 2021 KPHO / KTVK (KPHO Rundfunkgesellschaft). All rights reserved.
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