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Report: Phoenix Home Sale Prices Inflating

A recent research report released by ATTOM Data Solutions indicated that home prices in the Phoenix area have been rising faster than the rest of the nation. The median sale price of homes within the Phoenix metro area increased by 9 percent to $254,000 for the second quarter of 2018.

ATTOM senior vice president Daren Blomquist spoke with KTAR News 92.3 FM regarding the current real estate market around the city. He said, “The market is still pumping along very rapidly in the Phoenix market. People are staying in their homes longer, not just because they had to, which was the case in the wake of the recession as people lost a lot of value in their homes, but really I think more voluntarily now.”

Phoenix homeowners who sold in the second quarter of 2018 had owned their houses an average of 8.24 years. The national average sale price of homes also achieved an all-time high of $255,000. Blomquist pointed out that it’s common for prices to inflate due to a reluctance to sell that contributes to lower inventories and higher prices. 


Home owners around the Valley enjoyed an average return of 37 percent, or $69,000 from selling their properties in the second quarter marking the highest profit margin in over 10 years. Some other cities where home prices continue to appreciate quickly include San Jose, CA, Flint, MI, Seattle, WA, Boise, ID and San Francisco, CA.