Metro Phoenix ranks No. 3 in U.S. for biggest home price increase
By: AZ Big Media
The busy spring season got off to another strong start this year. March home sales jumped 32.2% over February while posting a report record Median Sales Price of $360,000, according to RE/MAX’s March National Housing Report. In Metro Phoenix, the median sales price for a home jumped from $360,000 in March of 2021 to $462,500 in March of 2022 — a 28.5% home price increase year over year, the third-highest increase in the nation.
Here is a quick snapshot of Phoenix’s housing data:
Closed transactions: 9,661 down year-over-year by 2.7%; up month-over-month by 26.5%
Median Sales Price: $462,500 up year-over-year by 28.5%; up month-over-month by 2.8%
Days on Market: 23 down year-over-year by 4.2%; down month-over-month by 14.8%
Months Supply of Inventory: .6 up year-over-year by 0%; down month-over-month by 25%