The median home sale price jumped more than 28% in Phoenix over the last 12 months, according to the RE/MAX National Housing Report for February.
The RE/MAX report measured 51 U.S. metro areas in a number of categories, including days on the market, total transactions and median home sale prices.
Phoenix’s median home sale price climbed from $350,000 in February 2021 to $450,000 in February this year. That 28.6% increase was the second-highest in the nation. The top 5: Billings, Mont.; Phoenix; Tampa; Las Vegas and Salt Lake City.
Each of the 51 metro areas in the report saw a year-over-year increase in median home sale price. The national median sale price for February of $345,000 was the highest in the history of the RE/MAX report and a 17.3% increase over a year ago, the report said.
“With such high demand and low inventory, houses are flying off the shelves right now – even at prices that have reached new highs. Having more listings on the market would be good for everyone, but the stage is set for another active spring selling season,” RE/MAX President and CEO Nick Bailey said in a news release about the report. “Buyers, feeling pinched by inflation, are snapping up new listings and racing to take advantage of near historically low rates before they go up. It’s clear the dream of homeownership is still top of mind for many Americans.”