Cost of Scottsdale Homes on the Rise for 13 Straight Months

U.S. home prices are on the rise. In fact, prices rose an average of 10.5% in March compared to a year ago, making it the biggest increase since March of 2006.

Arizona is certainly ahead of the curve, with prices that rose 16.8% in the last year – a consistent increase over 13 straight months. This, of course, factors in the finer golf communities of North Scottsdale including areas like Desert Mountain, Grayhawk and Troon North. The only two states that had bigger increases were California and Nevada at gains of 17.2% and 22.2%, respectively.

The rise in prices is being attributed to an increase of buyers bidding on a limited supply of real estate for sale, as well as steady job creation and very low mortgage rates.

The rising home prices boost Americans’ net worth, which encourages them to spend more, in turn driving economic growth. Many potential homebuyers may feel a sense of urgency to buy before prices rise even more. This cyclical pattern makes homeowners more likely to put their houses on the market since they’ll expect a good price.

If you would like to view any homes for sale in Scottsdale, please contact me. I would be happy to help.