The Phoenix housing market posted strong gains in June in terms of volume, according to the latest data from RL Brown Housing Reports. But new home prices dropped and existing home prices are flat, according to the Scottsdale-based real estate research group.
Compared to last June, housing starts by builders were up 46.5 percent. The number of new and existing home sales were both up 24.2 percent.
That’s good news for a regional housing market that has grappled with some soft indicators.
“June was clearly the best month we have seen so far in the Phoenix housing market recovery,” RL Brown researchers write in their latest market report. They said the trio of gains shows more strength in the local real estate market.
While there were gains in the number of sales and permits taken out by builders, new home prices dipped 3 percent in June versus June 2013.
The median new home price in the Valley was just under $291,000.
Median existing home sale prices were $201,000 in June —flat from a year ago, according to RL Brown.
So far this year, housing starts are up 35.6 percent from 2014. New home sales are up 9.4 percent and existing homes sales are up 11.4 percent.
By: Mike Sunnucks