October 1, 2023

YEA, Summer’s OVER! & Phoenix House Sales Less Than Half of 2021

Single-family house sales down more than HALF through August compared to Jan-Dec 2021 But house prices are a lot higher which helps slow the fall in total sales volume. The number of single-family houses listed for sale could be back to 2019 levels before the end of the year but will still be well below…

September 24, 2023

7,600+ Evictions Filed in Maricopa County in August – Only 2 Months in 2005 Were Higher

“Metro Phoenix’s record apartment buying spree drives up rents and evictions. Here’s why” – Catherine Reagor, Arizona Republic “Surge in Maricopa County evictions continues, with no sign of slowing” – Jerod MacDonald-Evoy, Arizona Mirror Click on the graphs to go to the full-size, interactive version. Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and…

September 17, 2023

See a Map of All Short-Term Rentals Registered with the City of Scottsdale

Phoenix Real Estate Market at a Glance All monthly graphs, click here. Map of All Short-Term Rentals Registered with the City of Scottsdale Click here. Click on the graphs to go to the full-size, interactive version. 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…

September 10, 2023

Will the Number of Houses for Sale Increase More than Typical for This Time of Year?

Phoenix passes measure allowing backyard homes/casitas/ADUs Click on the graphs to go to the full-size, interactive version. 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…

September 3, 2023

August Prices Flat and Down Only 2% from August 2022

Metro Phoenix Median Single-Family House Sold Price was $470,000 in August Unemployment in metro Phoenix was very low in 2022 and 2023, and even touched 3.0% last April. In January 2021 you could borrow $100,000 MORE per $1,000 monthly mortgage principal and interest payment than you can now! Case-Shiller Data All my Case-Shiller graphs. (I don’t…

August 27, 2023

Scariest Idea for Phoenix Real Estate Market, If True

Home Prices are a Lagging Economic Indicator Looks like there’s a lot of truth to the idea that most, or at least a lot of, real house price declines happen after a recession ends. Of course, there were no real house price declines before, during, or after the 2001 Dot.com recession. Nevertheless, it seems likely…

August 20, 2023

Phoenix Median Single-Family House Price is $470,000 in July

$470,000 = Phoenix Median Sold Price of Single-Family Houses in July Phoenix Real Estate Market at a Glance Some numbers are for ALL house types, others just for single-family detached (SFD). Inflation-Adjusted Prices Still Higher Than in 2005 “… there were more than 60,000 short-term rentals in Arizona, accounting for about 2% of the housing…

July 30, 2023

Phoenix House Prices Expected to “Wobble” the Rest of 2023

Impact of Unemployment Rate on Phoenix House Prices Metro Phoenix (Nominal) Rents Per Square Foot Have Been Flat for 2 Years Tom Ruff “As we transition from our “buying season” to the “off season,” I expect prices to “wobble” throughout the remainder of 2023” “Our reported median sales price of $443,000 in June may very…

July 23, 2023

Real Phoenix Home Prices Up 11% from 2005 Peak

Real Prices Up 11% from 2005 Phoenix real, inflation-adjusted home prices in June were still 11% higher than at the peak of the previous boom in 2005. All monthly graphs here. Eric says Home Prices Fall AFTER Recessions Begin And he says home prices often don’t bottom out until around 12 months AFTER a recession ends.…

July 9, 2023

Delicate Balance – Number of Houses Hitting the Market is Lower but so is the Number of Houses Going Under Contract to Buyers

Close-up of the Phoenix real estate market. Click on the graphic for a larger version. The number of houses for sale should flatten out like it normally does this time of year. But it’s a delicate balance. If mortgage rates continue higher than expected, demand will probably slow more than supply and then the number…