We’ve all read the headlines about increasing home values across the country – Arizona in particular. But 28 cities in Arizona have seen a typical home value increase of more than 20% in the past year.
El Mirage leads the state with a 28.3% year-over-year increase in home values, according to a study by Zillow. The value of typical homes in El Mirage jumped to $ 284,174.
READ ALSO: 5 Arizona housing market forecasts for 2021
Top 30 Arizona Cities For Increasing Home Values
Here are the top 30 cities in Arizona with a population of 35,000 or more, ranked by year-on-year increase in typical home values, with current value of typical homes, year-over-year change in median income and the current median household income:
The boiling residential real estate market is starting to show signs of slowing down. The typical surge in home sales in May did not happen last month, as sales fell 0.2% from April and home prices were unusually stable in the 53 metropolitan areas in the report. .
Also defying seasonal trends, a 7.1% drop in the number of listed homes at a time of year when active inventories are building normally for peak summer sales months. But two other metrics confirm that the frenzied seller’s market continues: months of inventory supply fell to 1.1 months, and homes changed hands in just 28 days. Both are records in the 13-year history of the report.
“The first small step towards a more balanced market may have appeared in May, as house prices finally stabilized after a long series of sustained increases. At the same time, the cooling in sales defied typical trends from April to May and reporting records were set for low stocks and quick turnaround times, ”said Nick bailey, President, RE / MAX, LLC.
With year-over-year comparisons heavily skewed by the pandemic, the April-May averages for 2015-2019 show what is typical:
• While May 2021 home sales were down 0.2% month over month, with 13.9% being the 2015-2019 average gain from April to May. Year over year, sales increased 53.4%.
• The median May selling price of $ 320,000 was the same as in April, compared to the typical April-May increase of 3.2%. Year over year, May price is 17.0% higher than May 2020 $ 273,498.
• Instead of the 7.1% drop from April to May, inventories generally rise 1.8%. Year over year, inventories were down 43.0%.