ARIZONA NEWS

Phoenix housing market picks up while other major markets slow down

Sep 2, 2018, 4:45 AM
Follow @KTAR923...

PHOENIX — The Phoenix housing market picked up in the past year while other major markets including Seattle, Sacramento and Portland experienced a slowdown, according to online real estate database company Zillow.

The July 2018 Zillow report found that home values in Phoenix rose 7.7 percent in the last year, with a median home value of $256,000. The average rate of home value growth was 4.8 percent, which the report said is faster than average.

The U.S. as a whole saw home values rise eight percent in the last year, with median home value reaching $218,000.

Although the average U.S. home value rose, the rate was slowing in 20 out of 35 of the largest U.S. housing markets, with Phoenix being one of the few exceptions.

However, the report did find that the growth of median rent in Phoenix slowed to 1.7 percent over the past year, down from the 2.6 percent increase last year. Median rent in the Phoenix area came in at $1,362.

Median rent across the U.S. also experienced a slow in growth, rising only 0.5 percent in the last year compared to a 1.6 percent growth one year ago.

“The nation’s pricier markets are starting to feel an affordability squeeze as buyers begin to balk at the sustained, rapid rise in prices that have followed the strong job growth and high housing demand of the past half-decade,” Zillow senior economist Aaron Terrazas said in a press release.

“But despite the slowdown, home values are still growing faster than their historic pace in almost all large markets, and it’s far too soon to call it a buyer’s market. And in many of the nation’s more affordable areas, aside from the pricey and exclusive San Francisco Bay Area, home value growth has perked up as buyers continue to seek good value for their money. But it’s clear that the winds that have boosted sellers over the past few years are ever-so-slightly starting to shift.”

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

FILE - A flu vaccine is readied at the L.A. Care and Blue Shield of California Promise Health Plans...
Associated Press

Flu season worsens as 44 states report high activity

NEW YORK (AP) — The U.S. flu season keeps getting worse. Health officials said Friday that 7.5% of outpatient medical visits last week were due to flu-like illnesses. That’s as high as the peak of the 2017-18 flu season and higher than any season since. The annual winter flu season usually doesn’t get going until […]
1 day ago
(Photo by David Inderlied/Getty Images)...
KTAR.com

Repeat sex offender sentenced to 20 years in Arizona prison

An Arizona man was sentenced to 20 years in prison for class three dangerous felonies and will be registered as a sex offender after release.
1 day ago
(Facebook Photo/Phoenix Police Department)...
KTAR.com

Alleged knife-wielder injured following officer-involved shooting in Phoenix

A man was hospitalized in stable condition after an officer-involved shooting occurred in Phoenix on Saturday morning, authorities said. 
1 day ago
Former Rep. Jim Kolbe, R-Ariz., testifies at a Senate Judiciary Committee hearing on “The Border ...
KTAR.com

Longtime US Representative Jim Kolbe of Arizona dies at 80

Former U.S. Representative Jim Kolbe of Southern Arizona, who served in the House of Representatives for 22 years, died at the age of 80.
1 day ago
(Arizona Department of Transportation photo)...
Wills Rice

Storm leaves rain through entirety of Valley on Saturday, some lost power

A storm hit the Valley on Saturday, leaving rain spread out to all corners of Maricopa County and some were without power.
1 day ago
(Chandler Police Department photo)...
KTAR.com

Silver Alert issued for 86-year-old woman who went missing in Chandler

A Silver Alert for an 86-year-old Chandler woman was issued Saturday morning after she went missing from her home.
1 day ago

Sponsored Articles

...
Quantum Fiber

How high-speed fiber internet edges out cable for everyday use

In a world where technology drives so much of our daily lives, a lack of high-speed internet can be a major issue.
...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
Phoenix housing market picks up while other major markets slow down