Median Price of Single-Family Houses Sold in Phoenix FELL $40,000 from Feb 2022 to Feb 2023
After increasing $100,000 from Feb 2021 to Feb 2022
Cool podcast – How houses get built in Arizona. Difference between developers and builders.
FULL THREAD. The Fed Mandate is, "maximum employment and price stability." The Fed clearly does NOT include HOUSE price stability as part of their price stability mandate.
Now, the Fed destabilizes house prices with their QE, buying mortgage-backed securities when house prices are increasing which makes prices increase even more, and reducing holdings of MBS when prices are falling which makes prices fall even more.
If the Fed mandate included stable house prices, the Fed would do the EXACT opposite.
The Fed intentionally destabilizes house prices.
They like the wealth effect higher house prices have on spending and employment.
The Fed is happy to destabilize house prices and household wealth because they put the maximize employment mandate above the stable prices mandate.
- John Wake (@JohnWake on Twitter)
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)