The median home price in Phoenix hit a 41-month high in May as sales increased in both the mid- to high-end segments of the housing market, accordiing to research firm DataQuick
In fact, the median price paid for a home rose for the sixth consecutive month.
Still, prices in Phoenix remain down 43.2% from their June 2006 peak. But when comparing May's median to the trough of the housing downturn, the median price gained traction, edging up 26.7% from a low of $118,347 in August 2011.
Buyers in May paid a median price of $150,000 for a Phoenix area property, the highest level for any month since December of 2008 when the median price stood at $154,000. The May price also is up 5.6% from April and up 25% from the same month last year.
DataQuick says year-over-year gains in the median price reflect low mortgage rates and a tightening inventory, which continue to push demand higher.
"But the year-over-year jump in the median price also reflects two other trends: First, in recent months the region’s mid- to high-end markets have represented a substantially larger share of total sales," DataQuick reported.
"For example, last month 33.1% of all sales were above $200,000, compared with 24.7% a year ago," the firm added. "Second, there’s been a substantial drop in the portion of all resales that are foreclosed properties, which tend to carry significant discounts and be concentrated in lower-cost areas."