Looks Like April was the Price Peak for 2024
On an average sold price per square foot, it looks like April could be the peak of this cycle, at least in nominal dollars.
In real, inflation-adjusted dollars, May 2022 will likely be the peak, 6% higher than last April.
If April is the price peak this year, that's a sign of a soft market because prices usually peak in June, or in weaker years, in May. Prices peaking in April would be very unusual.
Homes for Sale
Another sign of a soft market is that the number of homes for sale is down slightly at a time of year when prices are usually falling faster than that.
Short-Term Rentals
"In 2019, Las Vegas instituted sweeping regulations of short-term rentals, including banning out-of-state investors from owning Airbnbs, amid outcry from local residents who complained of an influx of ‘parties, prostitution, and drugs into residential communities,’ the Las Vegas Sun reported."
Water
Nice summary of recent changes to Arizona's water laws that affect builders.
"Gardner said, five to 10 years down the road, when construction wraps up on all of those grandfathered-in projects, there could be a slowdown."
More on Prices
Phoenix is #10 for the largest home price declines since the 2022 peak with Phoenix prices down 7.3%, according to ResiClub data.
Click on the graphs to go to the full-size, interactive versions.
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.