Phoenix Home Sale Prices Continue to Rise

The numbers are scary, especially if you are trying to buy your first home in the Valley of the Sun. Here are some details about new home sales, provided by the Arizona Real Estate Center at ASU East.

Single Family Homes
The median price of a preowned single family home in the greater Phoenix area rose 27% from March 2004 until March 2005. The median price of a new construction single family home in the greater Phoenix area rose 20% from March 2004 until March 2005.

First Quarter 2004
Median Sales Price, resale: $159,705
Median Sales Price, new: $180,510

First Quarter 2005
Median Sales Price, resale: $203,000
Median Sales Price, new: $218,195

Condominiums and Townhouses
It's no wonder that affordability of single family homes in greater Phoenix has triggered a boom in condominium conversions and new construction. Although townhouses and condos have also increased in price, they tend to increase at a slower rate. The median price of a condo or townhouse in the greater Phoenix area rose 15% from March 2004 until March 2005. The median price of a new construction condo or townhouse in the greater Phoenix area rose 16% from March 2004 until March 2005.

First Quarter 2004
Median Sales Price, resale: $110,000
Median Sales Price, new: $161,910

First Quarter 2005
Median Sales Price, resale: $127,200
Median Sales Price, new: $188,730

Home Price Data By City