Phoenix home prices continued a year of steady gains in July as more properties crept onto the market, according to local multiple listing service data compiled by Grand Canyon Title Agency.
The average median home price increased for the to $165,000, up 35% from one year ago. Prices increased nearly every month over the past year to the highest level since 2008.
The area is one of the hottest real estate rebounds in the country. Fletcher Wilcox, an analyst with Grand Canyon Title, said more properties on the lower end of the market are beginning to arrive for sale.
Listings under $200,000 increased 10% since June, he said.
Sales, however, dropped 16% over the same month.
"This decrease in July sales is part seasonal," Wilcox said. "For 10 of the last 12 years July sales were lower than June sales."
Buyers paid nearly 7% more for short sales in July from the previous month. These transactions made up 30% of the market.