The average price for an existing home in the Phoenix area reached $ 399,900 in June (Getty)
As for US cities, Phoenix remains one of the cheaper places to buy a home, but it wins over its competitors.
The median price for an existing home in the Phoenix area reached $ 399,900 in June, according to the Wall Street Journal. That is 31.1 percent more than in June 2020.
In similar cities like San Francisco, Los Angeles, and Portland, the median is still more than $ 100,000 below the median of existing home prices – one reason so many people want to buy there.
“When the people from Seattle and Portland come here, they’re excited about what they can buy,” said Alan Jones of Lennar Corp. “And from California they go beyond enthusiasm.”
The price growth was not only strong, but consistent. According to the S&P CoreLogic Case-Shiller Composite Home Price Index, Phoenix had the strongest annual price growth out of 20 cities surveyed in the 23 months to April.
That’s just behind Portland’s record 24-month streak from 1990 to 1992. The index reports a two-month lag, but excludes some other high-growth cities like Austin and Boise.
Phoenix saw prices jump 22.3 percent year over year from April 2020 to April 2021, ousting San Diego and Seattle for the dubious award of the fastest growing home prices in the index.
Home prices in San Diego were up 21.7 percent year over year, while those in Seattle were up 20.2 percent.
[WSJ] – Dennis Lynch
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