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 [bizjournals.com], Zillow economist.
The total number of new listings in metro Phoenix remains 15.8% below last year's levels, he said.