I have a guess where the Arizona Republic got the wrong idea that “home prices may dip 10%.”
This ABC article mentions that analysts are looking for “sales of both new and existing homes to fall by around 10 percent this year.”
I would bet a nickel that analysts told the Arizona Republic, ‘the market will fall 10% this year,’ and the Arizona Republic heard ‘prices will fall 10% this year.’
As the media saying goes, “If it bleeds, it leads” and a 10% fall in Valley home prices this year would be an economic blood bath for the Valley.
A 10% fall in the number of homes sold nationally, on the other hand, is only moderately interesting even to me, and I’m a real estate data geek.
If you think I’m off target, please send me an email.