Home sales in Phoenix fell short of year ago levels as properties priced below $200,000 lost buyers while middle-market homes gained purchasers.
Real estate research firm DataQuick made that conclusion in its August Phoenix home sales report.
During the period, the Phoenix region recorded 9,179 new and resale home and condo sales, up 2.2% from July and down 4.3% from year ago levels.
The median price soared 30.2% from last year reaching $154,119. This higher value is attributed to more home buying occurring in the middle-market range, lifting the region’s average price point.
“The median sale price edged higher again amid the ongoing shift toward more move-up buying and fewer foreclosure resales, which accounted for less than one in five deals for the second consecutive month,” DataQuick said.
The market is going through another transition with Phoenix seeing a drop in properties owned by lenders—one of the factors pushing inventory levels down.
Foreclosure resales also slipped to where they now represent only 19.3% of all homes resold in the month of August.
The market still remains a hot spot for investors outside the state with 14.8% of the homes sold in August tied to buyers based outside of the Phoenix region. Twenty-six percent of the buyers were from California, while 8.6% were from Washington and 7.2% from Arizona.