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 of houses for sale would increase putting some additional downward pressure on house prices. We normally see house prices weaken in the second half of the year, anyway.
12-month change in Phoenix house prices, according to Case-Shiller data.
On the upside, the Phoenix MLS just added some new boxes that sellers’ agents can check off when they’re putting houses into the MLS system:
“Private and/or Community Pickleball Courts”
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.
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