By Mike Bodeen · 20 June 2026
Another Increase for Mid July?
Honestly, each week, we think we’re going to be reporting a drop in home values. We’re still waiting. Mostly, our market has been pretty subdued both in prices and sales. And it’s not on fire, mind you, but recently, prices are increasing, both the mean and median averages.
“…Cromford’s July 15th estimate of pricing based on homes currently in escrow is showing a 2.1% increase in the price per square foot and tells us that the current rise might continue.”
We mentioned last week that the more stable of averages is the median (mid-point). We said that the mean average is more affected by prices, which currently is seeing an increase in the purchase of more expensive homes.
In June’s reporting, we’re seeing a strong hike in the median price to $460,000. (See Chart) As you’ll note, however, April was a deep dive from a $459,000 peak, and it was anyone’s guess which direction that would continue to go, but with the Iranian war, and oil’s price jumping, it could have been a pessimistic view. May did flat-line before our June jump.
But Mike, isn’t this just the nature of Phoenix Metro pricing, high rises and deep drops? Well yes, but one thing I noted today, was Cromford’s July 15th estimate of pricing based on homes currently in escrow. This is showing a 2.1% increase in the price per square foot and indicates that the current rise might continue.
On the grander scheme of things, it could be showing us that even though interest rates and inflation remain higher and global events precarious, the need for housing may be outweighing these other realities.
Personally, I think buyers could be realizing that 6% to 7% rates are the new normal and the need to move now is their best option while inventory remains positive. Hard to disagree.
Market data referenced in this article comes from The Cromford Report.