The median sales price for homes sold through ARMLS (the Arizona Regional Multiple Listing Service), was $145,000 in May 2012. This was eleven percent higher than the $130,000 median sale price in May of 2012.
The significant decrease in available homes for sale has been the primary factor causing this increase in prices. The chart below shows the number of active listings, homes available for sale, by month for the past six years.
What does this mean for you? If you are home owner, it is good news because home prices in the Phoenix started going up last Fall. If a year ago you did not have any equity in your home, you may have some today. Even if you are still upside down in your home, prices are heading in the right direction. If you have been waiting to purchase a home until the market hit bottom, you missed it. However, prices are still relatively low and interest rates are at historically low levels. That makes this a good time to buy a home.