The number of metro Phoenix homes listed for sale is still not responding to the 48% price increase over the last 18 months!
For example, the number of new MLS listings hitting the market this February was about the same as last February even though the median home price in metro Phoenix was 32% higher this February compared to last. Overall, the supply of homes for sale is as tight as it was last year at this time.
See January’s post for why I think the Phoenix median home price will increase strongly again this spring.
The median home price in metro Phoenix increased $7,000 in February alone, from $165,000 in January to $172,000 in February. And that’s just the beginning of the high season.
NOTE: If you stumble upon this post in the future please keep in mind that even though the chart may be up-to-date that the text here was written in March 2013.