We May Have Seen an Inflection Point in the Phoenix Real Estate Market Last Week
Inflection Point?
We could have seen an inflection point in the market last week.
At a time of year when the number of single-family houses for sale is usually flat or falling, the number INCREASED a lot last week.
Especially in luxury areas like Paradise Valley…
and Scottsdale!
An underlying trend is especially strong if it can overpower the seasonal trends.
If this counter-seasonality trend continues next week, that means the market will very likely be very different this spring compared to last spring.
Investors Still Buying 22% of Phoenix Homes!
From Redfin.
Phoenix Market Delicately Balanced on a Highwire
But it's tough for house prices to fall when income and employment are increasing like they have been, no matter how overpriced houses are. Today, the annual increase in income and employment is similar to early 2006.
But if we go into recession…
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.
Would be fascinating to have solid data on the number of remote workers in Scottsdale each week. They can disappear from the City easily.
Also have to wonder what happens to STR market once Spring Baseball and Final 4 are over.