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Market Update

A market update for Las Sendas, North East Mesa, and East Valley residents who want to keep an eye on the market!

August Sales by Price Point Sept. 3

Larry Bearse

Under $150K, sales have collapsed since last year due to lack of supply. The shortage of homes under $150,000 has also caused the median sales price to rise much faster than the underlying rise in home values. Given that most new homes sell between $200K and $500K, we observe that re-sale increases in this limited price range are similar to the increases experienced by developers. Sales are relatively weak between $600K and $2M but look good over $2M, thanks in part to an easy comparison. August 2015 was particularly poor for the luxury market, immediately following a steep decline in the stock market.

Under $150K, sales have collapsed since last year due to lack of supply. The shortage of homes under $150,000 has also caused the median sales price to rise much faster than the underlying rise in home values.

Given that most new homes sell between $200K and $500K, we observe that re-sale increases in this limited price range are similar to the increases experienced by developers.

Sales are relatively weak between $600K and $2M but look good over $2M, thanks in part to an easy comparison. August 2015 was particularly poor for the luxury market, immediately following a steep decline in the stock market.