Houses for Sale Up 11% in 1 Week!
The number of houses for sale is up 84% from a year ago and up 11% from last week!
Prices still increasing fast… for now, anyway.
My latest think piece.
Why House Prices Sometimes Skyrocket
The Supply and Demand Volatility Mismatch Theory of House Price Instability
"Despite years of rapidly increasing production, in 2005, Phoenix home builders still had so much unsatisfied demand that some builders held lotteries to see which prospective buyers they would sell their new houses to! Although home builders were not even close to meeting demand in 2005, Phoenix home builders would later be blamed for overbuilding in 2005!"
Time has a long but really good piece on the Phoenix real estate market.
Interesting Op-Ed in the Arizona Capital Times against short-term rentals.
How short-term rentals ruin everything
"The seller says the property is only worth about $1.6 million as a regular home, but as an Airbnb he’s asking $2.25 million because “in reality it’s a hotel” and the higher income justifies the higher price. This is exactly how STRs are destroying Arizona’s housing market and affordability. Home buyers can’t possibly compete with STR investors that will pay 40% more for the same house. Renters are shut out because they can’t possibly pay “hotel rates” for their monthly rent."
This is super controversial.
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.
Phoenix Weekly Market Graph (only)