Houses for sale DOUBLE a year ago but HALF of 2019

May 29, 2022

Last week, the number of houses for sale was DOUBLE what it was a year ago but it was still only HALF (56%) the amount for the same week in 2019 (pre-pandemic).

Prices still increasing fast… for now, anyway.

Here’s my latest Forbes.com article. I feel like I’m starting to understand the real estate market better.

John Wake's Real Estate Decoded

A General Theory of Why House Prices Sometimes Skyrocket

[An earlier version of this piece appeared in Forbes.com.] The conventional wisdom in recent years has become that skyrocketing house prices are only caused by the low supply of houses for sale, and the low supply of houses for sale is only caused by residential zoning, NIMBYs, and local government inefficiency. There’s some truth to all of that but a fa…

10 months ago · 5 likes · 7 comments · John Wake

I got interviewed by Business Insider! Wow!

AJ LaTrace @ajlatrace

I spoke with @JohnWake about how the wild real estate market of today is different and similar to the early 2000s housing boom and eventual bust in 2008.

businessinsider.comOne expert explains how today’s housing market is different (and similar) to the real estate booms and busts of the recent past“People always say, ‘It’s not going to be like 2005,’ and yeah, that’s pretty much certain,” explains real estate analyst John Wake.

John Wake @JohnWake

Wow! I got a quote in this piece, too! What's next for the US housing bubble? Industry experts break down the bull and bear cases for home prices in the months ahead.

businessinsider.comWhat’s next for the US housing bubble? Industry experts break down the bull and bear cases for home prices in the months ahead.Where are home prices headed the rest of this year? Here’s a look at both sides of the argument from some of the most renowned experts in real estate.

Click on the graphs to go to the full-size, interactive version.

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.

1 Comment

Mike Roberts

May 30, 2022Liked by John Wake

I'm seeing more price cuts in my area right now. I've seen reports that sales on the bottom end of the market (below $500K) have fallen off a cliff and properties listed $500K+ are still selling strongly. This is why the median price of sold homes continues to rise. It's not so much that overall home values are rising. The media sold price is rising because of *what* is and what is not selling right now. I suspect that buyers of homes below $500K rely more on mortgages to purchase than buyers of expensive homes. Thus, the lower end of the market is more susceptible to rate increases.

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Houses for sale DOUBLE a year ago but HALF of 2019