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Arizona housing prices rising while inventory falls

According to June's Real Estate Market Report by the Arizona Association of Realtors, this summer is a good time for those who want to sell their homes. In May of this year, the value of homes and properties in Arizona that were under contract was more than $4.6 billion. That is around 50 percent higher than the total value of properties in the state that were under contract in May last year.

The report states that the median sales prices in the state have climbed for the third month in a row. The higher price ranges are showing more activity than the lower price ranges. The current median price across the state is $215,000 and the average sales price is $265,000. Maricopa County and western Pinal County had the most home sales in May, with 72.4 percent of all homes sold in the state occurring in these two counties.

Home sales are expected to stay stable in June, but the inventory has decreased across Arizona by 7.6 percent in May. There was also a decline of 2.5 percent in April. The report said, "When fewer sellers are selling and more buyers are buying, the result is inevitable: An expanding seller's market."

Inventory available in May was around 20 percent less than at its peak, which occurred earlier this year.

If you are considering buying or selling a home in Arizona, it is important for you to have the guidance of an attorney. He or she can help you cover all the legal aspects of the home sale or purchase, which can make the transaction go much more smoothly.

Source: havasunews.com, "Arizona is a seller’s market, Realtors say," Brandon Messick, June 23, 2016

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