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%

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