Nationally, February was a rather slow month for home selling, but the Arizona market saw large gains over January. The market for Phoenix homes in particular grew significantly. The Arizona mean selling price for February was $213,000, which was a 1.43% increase from January and a 9.23% increase from 2015. The mean price in Phoenix was $193,000, which represents a 2.12% increase over January and a 9.04% uptick in comparison to February of last year. The Scottsdale real estate market has more high-end homes. The median price for February was $403,950, which is up 1.37% since January and 10.67% since February 2015.
Prices Are Up For Phoenix Homes
The number of closed sales in Arizona is down somewhat from last year. There were 5,696 homes sold in February. This is a 3.16% loss from 2015 but an 11.82% increase from January 2016. There were 1,398 sold homes in Phoenix, which decreased by 4.57% year over year but increased 7.95% month over month. Scottsdale real estate had 538 homes sold, which was a modest loss of 0.37% from 2015 but a 19.56% increase compared with January. In comparison to 2015, this year’s market is seeing a lower supply of entry-level homes.
