ASU’s monthly report on the Greater Phoenix housing market shows that new home prices were actually down 3.5% over the past year (as of September). Median prices of normal resales were up 8.2%. Distressed properties had the largest gains. For example, bank owned sales prices were up 45.0% over the past year.
The bank-owned homes skewed very inexpensive, I imagine. You can see here that the cheapest homes have seen the biggest price gains, percentage-wise.
That new home number is weird. I wonder what the back story is on that. By the way, we can help you search new homes. Call me at (480) 463-4475 to get set up to search new homes.