Valley high-end home listings make rapid comeback after tepid spring

Posted at 10:01 AM, Jul 13, 2020
and last updated 2020-07-13 13:01:42-04

In a sharp reversal from this spring, new listings of the most expensive homes surged in June, while new listings of the most affordable homes remain depressed nationwide, according to a new study by Zillow Group Inc.

In the Phoenix metro, new luxury listings are up 1.3% from last month in key markets such as Scottsdale and Paradise Valley, but still down 1.4% from June 2019, according to the report. Meanwhile, new listings of the most affordable homes in the Valley are down 35.4% from May to June, and remain 35.9% below June 2019 levels.

The changing composition of Valley homes on the market is part of the reason the median list price of $393,212 is 7.7% higher than a year ago, said Jeff Tucker [], Zillow economist.

The total number of new listings in metro Phoenix remains 15.8% below last year's levels, he said.

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