The number of metro Phoenix homes listed for sale is still not responding to the 42% price increase over the last 18 months!
The number of new listings was about the same number this January as last January even though the median home price in metro Phoenix was 28% higher this January compared to last.
It’s nuts! But it’s a cool economic puzzle to be solved!
See last month’s post for why I think the Phoenix median home price will increase strongly again this spring.
NOTE: If you stumble upon this post in the future please keep in mind that even though the chart may be up-to-date that the text here was written in February 2013.
Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.
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"I think the median Phoenix home price could quickly pop up to $144,000+ again. If not in the second half of this year, then certainly in the first half of 2012."Metro Phoenix median home price rose from $116,050 in August 2011 when the post was written to $153,500 in May 2012.
- John Wake, Arizona Real Estate Notebook, August 11, 2011
See full post - Phoenix foreclosures as percentage of homes sold continues to decline.
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