July 2018

Are We There Yet? Metro Phoenix Home Prices Near 2006 Record
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The Republic | azcentral.com | May 28, 2018
Catherine Reagor

Could June be the month metro Phoenix home prices rebound to the record they hit in 2006?

A new analysis of pending sales in the Valley shows prices are nearly there.

In May 2006, metro Phoenix's median home price hit $259,900. Then in June, it set a record at $264,800, according to Arizona Regional Multiple Listing Service data.

Then the recession hit, and prices tumbled. We've been watching them slowly work their way back up since 2011.

The forecast is for the area's median to reach $260,000 in May, according to housing analyst Tom Ruff's latest report for ARMLS. And then it's only a few more thousand dollars to bust the record.

That would be a heavy climb from $254,000 in April, just like in 2006. But May is often a peak month for home sales and prices.

Many Metro Phoenix home buyers who start seriously shopping in January and February like to close and move before summer. If more buyers are willing to brave the heat, June could be the month for a price rebound.

Housing boom, bust and recovery?

The Valley's housing boom, fueled by subprime mortgages and speculators, started in 2004 and peaked in the summer of 2006.

Metro Phoenix's housing market hit bottom in 2011, and investors snatched up a record number of bargain foreclosure homes that year. The Valleys' median price then plummeted to $110,000.

So home values had a long way to rebound in metro Phoenix.

"In 2011, some government reports were forecasting it would take 50 years before prices returned to 2006 levels," Ruff said.

Thankfully, it has only taken 12 years.

Home prices bounce back

Home prices in some Valley neighborhoods, particularly affordable ones closer in, have already rebounded to 2006 record levels.




Home prices continue to increase in Phoenix market

Phoenix Business Journal |  Jun 5, 2018
Angela Gonzales | Senior Reporter, 

Home prices in metro Phoenix increased by 7 percent - a bit higher than the 6.9 percent national average - from April 2017 to April 2018, according to a CoreLogic report released today.

Nationally, the CoreLogic HPI Forecast indicates that the national home price index is projected to increase by 5.3 percent on a year-over-year basis from April 2018 to April 2019. The CoreLogic HPI Forecast is a projection of home prices that is calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state, said Frank Nothaft, chief economist for CoreLogic.

"The best antidote for rising home prices is additional supply," he said.

Nationally, new construction has failed to keep up with and meet new housing growth or replace existing inventory, he said.

"More construction of for-sale and rental housing will alleviate housing cost pressure," he said.

Home builders in Phoenix are already on it, with many builders unveiling plans for huge projects across the region.

For example, Maracay Homes is investing $69 million to develop a 160-acre master-planned community in Gilbert, while Irvine, California-based Landsea Homes plans to invest $20 million to develop its first Arizona project in Chandler. Meanwhile, Camelot Homes is investing $240 million in four projects and Tempe-based Fulton Homes is investing $300 million to develop homes throughout the metro Phoenix area.

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250 North Arizona Avenue,  Chandler, Arizona 85225
Cool off at our FREE Summer Concert series, held on the main stage. Arrive early to enjoy pre-concert festivities and specialty drinks, then kick back as these amazing artists take the stage.
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