SAFE Act Training — 8 hrs. CE — October 13

These July results are for the sale of single-family resale homes in Maricopa County (Greater Phoenix). The data was compiled from ARMLS.

Once again strong demand to own or to rent a single-family resale home pushed both median purchase price and median monthly rent to new record highs. For the fourteenth consecutive month the median purchase price set a record high. It was $450,000 in July 2021. This is $100,000 or 29% higher than July 2020. However, there was something different about July’s median purchase price compared to every other month this year. July’s median purchase price was only $5,000 higher than the previous month’s median purchase price. The month-over-month average increase this year, excluding July, is $13,000.

Median monthly rent in July 2021 hit a new monthly high. It reached $2,225. This is $375 or 20% higher than July 2020. July’s 2021 rent was $35 higher than May 2021. The previous couple of months had rents up about $100 per month.

The number of sales in July 2021 were 6,054. This is significantly lower than the 7,282 number of sales in July 2020. For the entire year thus far, sales are 3,608 or 9% higher than last year. July 2021 new monthly listings of 7,023 were one more than July 2020, but 296 or 4% less than June 2021. Thus far this year, new monthly listings are 1,550 or 3% higher than last year. Estimated months of supply indicates that we are still in an extremely strong seller’s market. There is about a two-week supply of listings under $450,000. There is about a one-month supply for listings between $450,000 and $1,000,000.

Fletcher Wilcox
Grand Canyon Title Agency

The following information was compiled from data released by the U.S. Census Bureau.

1 - Phoenix, AZ, 25,194
2 - San Antonio, TX, 19,862
3 - Fort Worth, TX, 19,229
4 - Austin, TX, 16,721
5 - Seattle, WA, 16,423
6 - Charlotte, NC, 12,422
7 - Denver, CO, 10,030
8 - Mesa, AZ, 9,662
9 - Frisco, TX, 9,073
10 - McKinney, TX, 8,825

The City of Phoenix led all cities in the United States for year-over-year population increase. According to the U.S. Census Bureau, the City of Phoenix gained 25,194 or 69 people per day from July 1, 2019 to July 1, 2020. The City of Mesa finished number eight among all cities in the U.S. gaining 9,662 or 26 people per day.

Five Texas cities, San Antonio, Fort Worth, Austin, Frisco and McKinney were in the top ten. Excluding Arizona, Phoenix gained more people than did thirty-six states, and Mesa gained more people than twenty-eight states.

The City of New York led all cities for year-over-year population decrease. It decreased by 89,712 or 246 people per day. The number two city for population decrease was Chicago at 13,854 or 38 people per day. Finishing third, fourth and fifth for population decrease were the California cities of San Jose, Los Angeles and San Francisco.

Another highlight from the data is the growth of population in the far East Valley and far West Valley. Surprise’s population increased by 6,129 or 17 people per day, Buckeye increased 5,609 or 15 people per day and Queen Creek grew by 5,442 or 15 people per day.

For more information go to www.TheWilcoxReport.com

Fletcher Wilcox
Grand Canyon Title Agency