Metro Phoenix Median Single-Family House Sold Price was $470,000 in August
- $470,000 is the same as in July and only 2% less than a year earlier.
- BUT prices are 9% less ($45,000 less) than the peak of $515,000 in May 2022.
- Prices are likely to fall from here until January as they normally do this time of year.
Unemployment in metro Phoenix was very low in 2022 and 2023, and even touched 3.0% last April.
- If unemployment continues to increase as seems likely – especially if we go into a recession – the Phoenix real estate market will soften.
In January 2021 you could borrow $100,000 MORE per $1,000 monthly mortgage principal and interest payment than you can now!
All my Case-Shiller graphs. (I don’t know why ads are showing up on the blog today!)
Phoenix House Price Appreciation History
The “Real Mortgage Payment Price” in Phoenix is about the same as during the top of the 2006 real estate bubble.
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 city or zip code at The Cromford Report.