Phoenix Median Single-Family House Price DOWN $40,000 in 4 Months
Phoenix Median Single-Family House Sold Price Down $40,000 in 4 Months
The End of FOMO. Phoenix median single-family house prices will probably match year-earlier levels by December or January. And then for the next 6 months, the real estate storyline will be that house prices are lower than a year ago. That could really change the expectations for future house prices and any remaining buyer urgency.
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Phoenix’s Apartment Market is Cooling Off Fast
But while “cooling off” is too strong a word to describe national performance, it appears to be an accurate description of Phoenix.
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Don’t look at Phoenix.
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.
Started reading your reports during the Great Recession era. Soon learned that you were almost always weeks ahead of the rest of the analysts - and rarely wrong despite calling your shot first. Over the decade or so you've published, you've never once lost my confidence in you. Best thing about your reports - - you challenge your readers to find any explanation for any trend identified. Late Sunday morning coffee and a John Wake report - great stuff. Now . . . my thought . . . frequently stone cold nuts. When we finally get decent population data I bet we learn that Phoenix area population swings and tsunamis have a lot in common. COVID pushed a massive flood of people into the County. After hanging out here for a year or two, many remembered why they vacation in Arizona but don't live here. Now . . . . what to do about that emotional 2020/21 decision to buy a house?