Real, Inflation-Adjusted Home Prices Still 9% Above 2006 Peak
Supply of Homes for Sale Already Higher than 2024 Peak
Phoenix supply of homes for sale already higher than highest level last year. Now highest since 2016.
If the supply for sale peaks this spring like it often does, it won't be crazy high. But if it continues increasing fast, we could enter "crazy high" territory by summer.
Phoenix months-of-supply of single-family homes for sale is now the highest since 2016
2016 wasn't a bad year but if supply continues increasing fast...
Why did Phoenix median single-family home price rise almost $100,000 in 2021?
Was it because live-in home owners bought a ton more homes in 2021 and drove up prices?
No!
Compared to 2020, in 2021…
Owner-occupants bought 7,600 FEWER homes.
But investors bought 7,300 MORE homes.
And second home buyers bought 2,200 more homes.
According to county records on "intended use".
“Sedona declares housing shortage emergency, urges regulation of short-term rentals”
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.