PHOENIX (3TV/CBS 3) — Josh Heape is a happy home seller.
He just put his north Phoenix house on the market, and a day later it sold for $2,000 more than the asking price.
Other homes across the Valley are selling in record time, as well.
Realtor Shelley Sakala with My Home Group said the big reason homes are selling so fast is there aren’t that many of them.
The number of homes for sale in the Phoenix market is lower than it’s been in 18 years, and that’s pushing up prices.
The median home price for the metro Phoenix area in July was $278,000, according to the Arizona Regional Multiple Listing Service.
That’s the highest the median price in Phoenix has ever been.
“We have a lot of people that might be interested in putting homes on the market because they want a bigger, nicer home, or move to a different area,” said Sakala. “But we’re seeing issues with affordability.”
Sakala does not believe we’re in the middle of another bubble that’s about to burst, but the lack of homes on the market is creating hardships for homebuyers who can’t find what they want or get forced into bidding wars.
The lack of homes on the market has also sparked the Valley’s home-building industry, which issued a record number of permits last month.
Alan Jones, the president of Lennar Homes, says the combination of a strong job market, low-interest rates, and a steady stream of people moving to Arizona, means the demand for homes is higher than its been since the housing boom.
“If there’s plenty of re-sales on the market, and they’re priced fairly, there will be a bunch of people buy that type of home,” said Jones. “But if those homes go away, then it drives more people to the new home market.”