Phoenix House Prices Up 21% – Likely Up 30% By June
It's deja vu 2005 all over again but without the crazy mortgages and the oversupply of new homes.
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.
Metro Phoenix single-family median house prices in February were up 21% from February 2020.
House prices increased 4% in just 1 month – from January to February.
I expect by June, prices to be up 30% from a year earlier.
I hope we don’t get into that 2005 psychology, “These prices are crazy but they’re increasing so fast, let’s buy something ASAP.”
By August 2005, the psychology had changed to, “These prices are crazy.”
The median single-family house price was up 51% by August 2005 but then they stopped increasing.
Then the number of houses for sale skyrocketed.
A year later in August 2006, prices were down 1% from a year earlier.
We’re Not Turning Japanese…
But we may be turning Canadian or Australian where house prices have been crazy high.
Looking to sell your house? Call me at 480-600-0947 and tell me what you’re looking for in an agent, and I’ll personally hand pick an agent for you.
Click on the graph to go to the full-size, interactive version.
Houses - Just Listed For Sale
In February, the number of single-family houses hitting the market was LESS than in February 2020, despite prices being 21% higher than in February 2020.
Houses - For Sale
MIGHT have bottomed out.
Houses - Under Contract
We’re seeing a trend for fewer houses being under contract to buyers. Could be the price increases are starting to hurt demand even though they haven’t helped supply yet.
Houses - Sold
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.