Phoenix, still best in the West

July 31, 2021 at 2:26 pm Leave a comment

A recent Wall Street Journal article noted something many from out-of-state clearly understand about real estate in Maricopa and Pinal counties: Homes here are still affordable.

“Even as home prices in Phoenix soar, housing in the area is still cheap compared with many other big cities in the West,” the article’s author wrote on July 25th.

“Once a poster child for the foreclosure crisis,” Nicole Friedman wrote, “Phoenix’s housing market is booming again, boosted by robust population growth and relative affordability.”

Friedman noted Phoenix “was a hot market before the pandemic,” and has since benefitted from the popularity of remote work policies, as people living in more expensive cities decided to move to cheaper locales. 

The article explained the median sales price in June for an existing Phoenix-area home was $399,900 — up 31.1 percent from a year earlier according to the Arizona Regional Multiple Listing Service. 

That price puts Phoenix homes more than $100,000 below median home prices in San Francisco, Los Angeles, Seattle, Portland, and Denver, Friedman wrote.

“When people come here from Seattle and Portland, they are thrilled at what they can buy,” Alan Jones, division president for home builder Lennar told the Journal. “And from California, they go beyond being thrilled.”

With mortgage rates still available below 3 percent, prospective home buyers will continue to view Metro Phoenix real estate as an excellent value.

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ASU economists say all signs pointing upward for Phoenix real estate Local real estate expert says, “If you can afford it today, get them in today.”

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