Home value appreciation was greater than median earnings in 25 of the largest U.S. metro areas in 2021, and Phoenix was no exception.

The median existing-home price for all housing types in February was $357,300, up 15% from a year before, as median prices rose in each region.    

“More groundbreaking is welcome news for a supply-starved housing market.” — First American deputy chief economist Odeta Kushi 

The measurement of six-month sales expectations among homebuilders took an especially negative turn in March, according to the National Association of Home Builders. 

“Investors are weighing the impacts of rapidly increasing inflation in the U.S. and many other parts of the world against the potential for a slowdown in economic growth due to a renewed bout of supply-chain constraints.” — MBA associate vice president of economic and industry forecasting Joel Kan

Phoenix ranked 12th in the country for transactions of $100,000 or more above asking price. Los Angeles was No. 1.

Of the homes that went under contract during the four weeks ended March 6, 58% had an accepted offer within the first two weeks of going on the market, and 45% had an accepted offer within just one week, Redfin reported.

Foreign buyers accounted for less than 2% of U.S. residential real estate transactions last year, and Russian buyers accounted for less than 1% of those, the National Association of REALTORS® reported. 

Other Arizona cities on the list include Glendale at No. 26, followed by Mesa (31), Phoenix (37), Tucson (41), Chandler (61) and Gilbert (65).

“Looking ahead, the potential for higher inflation amidst disruptions in oil and other commodity flows will likely lead to a period of volatility in rates.” — MBA associate vice president of economic and industry forecasting Joel Kan 

The median home sales price in Maricopa County hit $439,900 at the end of the year, a 27% increase year over year and more than double what it was in 2015, ARMLS reported.

Homeowner tenure has flattened since its 2020 peak.

Demand has been trending up since the beginning of the pandemic.

The pace of new home listings is gaining steam, a welcome development in the face of high demand from buyers, Redfin reported.

Spokane was No. 1, where 83.3% of offers written by Redfin agents faced a bidding war, followed by Sacramento, Seattle and Dallas.

“Given the situation in the market — mortgages, home costs and inventory — it would not be surprising to see a retreat in housing demand.” — NAR chief economist Lawrence Yun