Number of Houses for Sale Up 49% in 4 Weeks!
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Number of Houses for Sale Up 49% in 4 Weeks!
Phoenix Real Estate Market - Update
Number of Houses for Sale Up 49% in 4 Weeks!
And Number of Houses for Sale is 70% Higher Than a Year Ago
Price increases, however, haven’t started to slow down… yet.
@GRomePow @nixonrunning A big part of the market is upward momentum. After prices level off for awhile and the upward momentum fades away, we'll be overpriced.
There no urgency to buy ASAP after prices have been flat for long enough.
Here’s a Fun Piece I Wrote in 2016
Diary of The Great Real Estate Bust – Summer 2006
Did Phoenix home builders really overbuild in 2005 or were they just fulfilling 2005 demand?
"home builders hold lotteries to determine which prospective buyer standing in line for a new home will be the lucky one"
- Phoenix Business Journal - June 2005
33 years old (red line) is the typical age of first-home buyers.
You can see the number of people of first-home buyer age has been generally increasing for about 15 years but will peak in 2 years and then fade for more than a decade.
8th or 9th inning?
cdn.nar.realtor/sites/default/…
With all that buildable farmland and open desert in Pinal County, house prices should increase a LOT more slowly if zoning in Maricopa County is causing the high house price increases.
Zoning doesn't seem to be the cause because prices increased MORE in Pinal than in Maricopa.
Supply Myth
U.S. Population Per Housing Unit
We probably have the fewest number of people per housing unit in American history.
fred.stlouisfed.org/graph/?graph_i…
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.