How to save a million dollars on your home sale in Phoenix: Estately
The number of people who have purchased a home in the Phoenix area over the past year is now more than one million, according to a report released Wednesday.
The study, released by Real Estate Insights, the research and consulting firm, shows that more than 10% of homes sold in the metro area last year were purchased by someone who is 65 or older.
It’s the highest percentage since the study began in 2012.
The number of homes bought in the area increased by almost 40% between July and August.
The average price of a home sold in Phoenix fell slightly from $632,000 in July to $624,000 this year.
In addition, median sales prices in Phoenix dropped by almost $1,500 from $873,000 last year to $874,000, according the report.
There were more than 16,000 new homes sold last year, up from 13,000 the year before, according a report from Real Estate Trends.
The median price of the new homes is $542,000.
The number who bought homes in Phoenix was 5% more than in July.
There was a spike in the number of sales that occurred between July 1 and August 31, according for the report, from 11,000 to 12,000 homes sold.
The report also shows a surge in home sales that occur on weekends and holidays, the report said.
“The Phoenix metro area experienced a surge of home sales last year.
We saw a spike from July 1 to August 31 of home purchases in the city of Phoenix.
We are seeing a surge now as the economy has been strong,” said Alex Wertheim, president and CEO of Real Estate Strategies, a Phoenix-based real estate research and advisory firm.
The median sales price dropped by $1.3 million to $3,865,000 over the last year in Phoenix, the study found.