Phoenix Prices Moving Sideways

Low sales matched by a low number of houses hitting the market. Market kinda balanced!

• Interactive Charts - Weekly and Monthly

Monthly Median Sold Price

The median price has been more or less flat since December after falling fast from May to December. We’re in the high season for Phoenix real estate now so, if prices are going to increase, it will be now through June.

Despite low numbers of houses being sold, prices aren’t falling because people are putting an unusually low number of houses up for sale, too. So, the number of houses for sale is less than in 2019, pre-Covid.

Great analysis of the Phoenix real estate market from Tom Ruff.

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My latest think piece is now online, "Congress Could Have Prevented 500,000 Foreclosures During The Great Recession But Chickened Out"

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John Wake @JohnWake

How did I miss this? Opendoor Exclusives It's not in Phoenix yet. Maybe that's why I missed it. P.S. It sounds like a good idea. They're kinda going back to their roots.

inman.comHere’s what you need to know about Opendoor ExclusivesThe iBuyer has launched a new marketplace to connect homebuyers and sellers. The move comes as the housing market continues to slow and as iBuyers face gathering headwinds.

John Wake @JohnWake

Fort Worth City Council votes to keep short-term rentals in residential areas illegal

keranews.orgFort Worth City Council votes to keep short-term rentals in residential areas illegalThe ordinance mostly maintains the rules previously established by the city. Council members voted unanimously to continue to allow short-term rentals only in mixed-use and commercial areas.

John Wake @JohnWake

"It’s a similar story in places such as Park City, Utah, or Flagstaff, Arizona, with house-price gains of more than 90% in some wealthy neighborhoods." !!!

bloomberg.comBloomberg - Are you a robot?

John Wake @JohnWake

"Home purchase applications plunge to 28-year low as mortgage rates jump"

foxbusiness.comHome purchase applications plunge to 28-year low as mortgage rates jumpMortgage applications tumbled more than 18% last week, the biggest monthly drop since 2015, as rates climb higher and home prices remain abnormally high.

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Click on the graphs to go to the full-size, interactive version.

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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).

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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.

• Phoenix Weekly Market Updates 2023

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• Long-term Phoenix real estate market graphs