Phoenix House Prices HIGHER Than a Year Ago
First time in 11 months that the median house price in Phoenix is higher than it was 12 months earlier.
And prices have been pretty flat since June.
Number of Houses Under Contract to Buyers
"... the number of listings under contract is distinctly underwhelming" - Mike Orr, The Cromford Report
What Happens When Mortgage Rates Fall?
I ran a Twitter poll.
Looks like I’m not the only one who thinks house prices will likely fall when the Fed starts cutting rates. Here’s why.
The Fed won’t cut rates until the economy is weakening, and
Potential buyers who expect rates to continue to fall will have less urgency to buy right away.
Real Estate Smackdown
“Lock-In Effect”
Versus
Primary-Home Capital Gains Exclusion Deadline
30-year fixed-rate mortgage rates have been above 5% for 1.5 years now.
IF the lock-in effect has been an important factor behind the low number of houses for sale this year, the approaching deadline for their capital gains exclusion MIGHT increase houses for sale next year.
To get the first $250,000 (single) or $500,000 (married) of profit from the sale of your primary home tax-free, you have to sell it within 3 years of moving out.
Will that deadline bring some supply to market?
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.
Is the median increasing because per square foot sales prices rose or because high dollar houses are the only strong market left?
Classic opportunity to be fooled by accurate but misleading data.
Hi John,
Reading your updates from the long time. It's very useful. Can you also share the similar stats for other cities: Tempe, Chandler, Gilbert?