Phoenix Market - Factoids
Recent comments from Mike Orr at The Cromford Report.
This sounds right.
"The cooling of the market continues to accelerate, but it will take several months before reaching normal at the current rate of change."
And he has a comment about Phoenix rentals that is completely contrary to the current conventional storyline about rentals.
"The big changes are in single-family rentals where supply has doubled over twelve months and the average rent asked has declined by 18%."
Don't know if this is a hidden national trend or just a Phoenix quirk but if rents do fall a bit in Phoenix, it will have a big impact on investor purchases, and investor purchases are what’s driving the market and house prices right now.
Fun U.S. Census Data on Arizona
Click on the graphs to go to the full-size, interactive version.
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.
U.S. Housing Market Demographics Will Peak in a Few Years