We know the median home price in metro Phoenix increased from April to May by $4,000 (MLS data) to $5,000 (ASU data). Now you can see where those increases appeared, or didn’t appear, within metro Phoenix by looking at the zip code data provided here.
All the zip code real estate charts available in the right-hand column have now been updated through May 2009 with the number of home sales, the median home price and the median home price per square foot.
Analysis of Phoenix Home Sales by Zip Code for May 2009
The video ends a bit abuptly as I reach the 5 minute maximum but I’m sure you can tell where I was headed.
{ 3 comments… read them below or add one }
phxfan 06.29.09 at 1:13 pm
John,
Do you have any data on the median square footage of sold homes by month? For some time now a significant percentage of the properties being sold have been to first time home buyers and investors, who presumably would purchase smaller homes on the cheapest end of the market.
So my guess is that now there is proportionately less low-end inventory available (and proportionately more medium & high-end inventory) than there was say 6 or 12 months ago. Over the last month or two median home prices appear to be leveling off. But I wonder if there is any evidence [yet] to suggest that this is partially attributable to more medium/larger homes selling now, but at nearly the same prices as smaller homes were selling in months past…..
John Wake 06.29.09 at 5:37 pm
You’re right.
The prices of the least expensive homes have fallen most and that spurred the high number of sales of those homes.
I don’t think we can attribute the increased median home price to increased sales of median and high-end homes. Prices of the least expensive homes have been so high that their prices have increased a bit.
I think your idea is right but it hasn’t happened yet. Eventually, the prices of medium and more expensive homes will fall to the point that sales increase significantly and that will raise the median home price because the mix of homes sold will have changed.
TB 07.17.09 at 3:01 pm
My point exactly:
http://www.calculatedriskblog.com/2009/05/median-price-mix-example.html