From $525,000 in May to $440,000 in December
Sold Prices for the Next Few Weeks are Key for 2023
Phoenix house prices have a very strong tendency to increase from February to June. If we don’t see signs that prices are increasing – as usual – this time of year, that would be a very bad sign for the outlook for Phoenix house prices for the rest of this winter and this coming spring.
Correction → Crash?
In the stock market, a fall of 10% to 20% is often called a “correction” so with a 15% price fall, Phoenix house prices are definitely in a correction.
In the stock market, some also call a 20% price fall or greater a “crash.” Seems extremely likely the median Phoenix house price will fall at least 20%.
We’ll know a lot more about where the Phoenix market is headed in a few weeks when we can start estimating what median closed prices will look like for February.
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.