Price Rebounds $10,000 in May after $19,000 Fall in April!
After a surprisingly large fall of $19,000 in April, the median single-family home sold price jumped $10,000 in May.
Remember, the supply of all homes for sale is the highest since 2011, so there’s a lot of downside risk to prices if supply keeps increasing.
There are almost 50% more homes for sale now than last year at this time.
Condo vs. Single-Family Home Prices
Source: ResiClub
"Phoenix added nearly 17,000 residents last year, maintaining its status as the nation's fifth-largest city."
Source: Axios
Phoenix is #1 for the Number of New Single-Family Homes Landlord Companies are Building
Source: Realtor.com
Paradise Valley Home Recently Sold for $30 Million
9 Acres
15 Bedroom
The seller bought it in 2021 for $12 million!
Click here to see the MLS listing and photos
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.