For those who have been trying to purchase a home over the last few months you have no doubt realized there is a bidding war going on for any decent house priced under $350,000. The number of first time home buyer and investors looking to get in at the bottom of the market is up, while the number of active listings on the market is falling. That leads to one thing, price increases.
The law of supply and demand is working to its full glory in the Phoenix real estate market today. Dr. Jay Butler of ASU shows the median price for a home sold in the Phoenix metropolitan area is on the rise. The median price of a home sold in Phoenix rose by $9,000 from April of 2009 to June of 2009.
Many houses are going for above the asking price. In June, houses under $300,000 sold for 99% of their list price while houses under $150,000 sold for an average of 102% of their list price.
