Jinxin Real Estate News: Limited housing supply causes Arizona housing prices to continue to rise

Jinxin Real Estate News: Limited housing supply causes Arizona housing prices to continue to rise The median price of a single-family home in Phoenix has risen to $150,000 in August...

Jinxin Real Estate News: Limited housing supply causes Arizona housing prices to continue to rise The median price of a single-family home in Phoenix rose to $150,000 in August. It increased by 33.7% compared with the same period last year. At the same time, sales of new homes rose 55%. Normal sales of second-hand houses (excluding flip houses, short-sale houses and bankrupt houses) in August increased by 81% compared with the same period last year. Tucson home sales in August were up 24% from last year, and prices were up 16.3%. The recent median price in Tucson was $180,193. Experts at ASU's Kelley School of Business say recent prices are far from where they were in 2005 and 2006. They say the market is gradually recovering. According to the ASU Real Estate Market Monthly Report, listings in August were down 28% from the same period last year. The decline in listings is responsible for the rise in prices. There are also a small number of homeowners who are still waiting for prices to continue to rise before selling their homes. Massive demand and limited supply currently dominate the market. The inventory of new homes in Phoenix is ​​only half of what it was in 2011. It will take some time for the inventory of new homes to increase, which will also lead to bidding from buyers, pushing prices up. For more information about real estate, please contact Tinna of Goldtrust Realty (480)287-0180 E-mail:Goldtrustrealty2010@gmail.com