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Price per Square Foot of Sold Houses Down 4% in 1 Month in Phoenix

 Updated the long-term monthly graphs. John in the News Wow! After getting quoted in Newsweek and Business Insider last week, I got quoted in Fortune and Seeking Alpha this week! Real estate must be THE story nationally right now. Price per square foot down a “massive” 4% from June 15 to July 15 Mike Orr at The Cromford Report. “For the monthly period ending July 15, we are currently recording a sales $/SF of $291.74 averaged for all areas and types across the ARMLS database. This is down a massive 4.2% from the $304.50 we now measure for June 15.” “What really defeated our forecasting model is that sold prices went from 101% of list to 99.3% of list in just a single month.…

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Number of Phoenix Houses for Sale is Back to Pre-Covid Levels

 I think I see a trend. Mike Orr at The Cromford Report. “If you have a home in the price range $500,000 to $600,000, our advice is to accept that you have a lot of competition from other sellers and the market trend is not moving in your favor. Be realistic in your expectations and you will probably be fine. But price too high and you could be left chasing a falling market with price cuts that may come too late.” I haven’t heard an allusion to the, “Chasing the market down” expression in years. What’s next, “Catch a falling knife”? After the boom and bust of the 2000s, this became…

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Too Late to Sell at the Top

 Phoenix Single-Family House Prices Fall 2% in 1 Month Mike Orr of The Cromford Report – Recent Quotes Mike is a total expert on the Phoenix real estate market. He is NOT a permabear which makes his worried outlook a lot more worrisome. July 3 All Home Types “The rise in supply has been faster than ever seen before… active listings up 53% in a single month and up 153% compared to this time last year… percentage changes are far above anything we have previously experienced.” “Monthly sales are down 21% from June 2021 and down 8% compared with May 2022.” “When a housing cycle changes from positive to negative, we normally…

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Number of Houses for Sale Still Skyrocketing

 Up 116% From Last Year New Arizona law requires real estate wholesalers to disclose to home sellers that they are wholesalers and they may resell (“assign”) the contract they have with the seller to another buyer at a higher price before the sale closes. That new buyer would pay more for the house than the seller will receive and the wholesaler will pocket the difference. This is sometimes called “flipping contracts.” I’m gonna bet the disclosures are going to be written in legalese that most sellers wouldn’t understand. If you get an offer to buy your house and the buyer is “Joe Blow and/or assignee” you may very well be able to sell…

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Phoenix median single-family house price up $200,000 in 2 years

 In metro Phoenix, from May 2020 to May 2022, the median sale price of single-family houses in non-distressed sales increased exactly $200,000 – from $315,000 to $515,000. The Market Shift Was FAST The number of single-family houses hitting the market (new listings) in the Phoenix MLS in February 2022 was the lowest for a February in at least 20 years. In May, the number was the second-highest for a May in the last 10 years. I’m still in shock at how fast the number of houses for sale skyrocketed in the second half of 2005. I assume it was investors jumping out. This time I think we’ve had an even higher…

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Houses for sale DOUBLE a year ago but HALF of 2019

 Last week, the number of houses for sale was DOUBLE what it was a year ago but it was still only HALF (56%) the amount for the same week in 2019 (pre-pandemic). Prices still increasing fast… for now, anyway. Here’s my latest Forbes.com article. I feel like I’m starting to understand the real estate market better. I got interviewed by Business Insider! Wow! Click on the graphs to go to the full-size, interactive version. 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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Houses for Sale Up 11% in 1 Week!

 The number of houses for sale is up 84% from a year ago and up 11% from last week! Prices still increasing fast… for now, anyway. My latest think piece. Why House Prices Sometimes Skyrocket The Supply and Demand Volatility Mismatch Theory of House Price Instability “Despite years of rapidly increasing production, in 2005, Phoenix home builders still had so much unsatisfied demand that some builders held lotteries to see which prospective buyers they would sell their new houses to! Although home builders were not even close to meeting demand in 2005, Phoenix home builders would later be blamed for overbuilding in 2005!” Time has a long but really good…

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Number of Houses for Sale Up 49% in 4 Weeks!

 Phoenix Real Estate Market – Update Number of Houses for Sale Up 49% in 4 Weeks! And Number of Houses for Sale is 70% Higher Than a Year Ago Price increases, however, haven’t started to slow down… yet. Here’s a Fun Piece I Wrote in 2016 Diary of The Great Real Estate Bust – Summer 2006 Click on the graphs to go to the full-size, interactive version. 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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