Real Estate

Home Prices Rise In Maricopa County, Approaching Previous High

(Source: KTAR)

PHOENIX — A recent report shows that the median sale price for a previously-owned home in May this year is up 6.5 percent from the same month a year ago in Maricopa County.

The median price of a single-family home was $269,000 for May 2017. That figure is according to a release from Fletcher Wilcox of Grand Canyon Title Agency, using data compiled from Arizona Regional MLS.

The peak price of home prices in Maricopa County was reached in June 2006, during which the median cost of single-family homes hit $287,500. This recent mark of $269,000 is still $18,500 short of the record, but is well up from the $120,000 mark hit in August 2011, Wilcox reported.

Wilcox also said he expects the June median sale price to sit somewhere between $272,000 and $275,000.

His report also noted that sales were up 9.5 percent (an increase of 614) in May 2017 compared to May of 2016, and month-to-month growth was better this year than last.

The report showed a total of 7,063 homes sold in Maricopa County in the month of May. Of those, 20 were more than $3 million in sale price.