Phoenix House Prices Still Increasing FAST
Phoenix housing market still insanely hot but it's not getting any hotter anymore.
John Wake here with the latest on the metro Phoenix real estate market. You can send me questions, comments, and suggestions by replying to this email… or click the comment icon to leave a comment on this newsletter itself.
According to The Cromford Report, the metro Phoenix sold price per square foot in mid-March was up 3.1%... from mid-February.
30-year fixed-rate mortgage rates bottomed out at 2.65% in early January. Last week, rates were 3.09%.
Will house sales slow down because of the higher rates?
Or, will house sales increase because people think rates will go even higher?
We haven't seen any big changes either way, yet.
Click on the graph to go to the full-size, interactive version.
Houses - Just Listed For Sale
The number of houses hitting the market was been running similar to last year but, remember, the Phoenix housing market was tight last year even before Covid hit.
Houses - For Sale
I think we’ve bottomed out for the number of houses listed for sale.
Houses - Under Contract
Hasn’t returned to the levels of last autumn. The high prices may be pricing some people out of the market.
Houses - Sold
Sales are running similar to last year at this time.
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.