Expectations for Future House Prices Have Been All Over the Place the Last 2 Months
In January, inflation was slowing and many people felt the Fed would stop increasing interest rates sooner than previously expected.
In February, however, the employment numbers were so strong many felt the Fed would have to keep interest rates higher for longer to fight inflation.
Last week, however, the failure of Silicon Valley Bank hit and now many think the Fed can’t keep interest rates higher for longer.
I wonder what next week will bring.
Housing is the most sensitive sector to interest rates, so to a large degree, the change in the value of your house is determined by how the Fed changes interest rates.
The real monthly mortgage payment price of houses in Phoenix is still very high.
But at least spring has sprung in Phoenix!
This might be the best time of year here!
I also LOVE October.
Click on the graphs to go to the full-size, interactive version.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.
Phoenix Weekly Market Graph (only)