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Paradise Valley Home Sold For $32,388,888

 New 15,516 square foot home on 5 acres in Paradise Valley sold last month for $32,388,888. Home Price in August was $476,000 Phoenix median single-family home sold price in August 2024 was very similar to August 2023 and August 2022. All upward price momentum is long gone. Market “Normal” but Softening Phoenix real estate market…

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Is the Autumn Supply Shift Starting Early?

 Is the autumn shift toward increasing numbers of homes for sale in Phoenix starting early this year? We’ll know in a few weeks. Strong Phoenix Economy “Phoenix continues to outrank the rest of the nation in industrial construction with nearly 40 million square feet of space underway by the end of June”– KTAR The “Easy” Way…

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$475,000 = July Metro Phoenix Median Price

 July Metro Phoenix Single-Family Median Sold Price was $475,000 Up $5,000 from July 2023Down $16,000 from July 2022Up $140,000 from July 2020 Market Softer than Last Year at This Time Phoenix “Months of Supply” a year ago was 1.7 months. Now it’s 2.7 months. Prices Surprisingly Flat for Typical-Sized Homes The median sold price of…

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Looks Like April was the Price Peak for 2024

 On an average sold price per square foot, it looks like April could be the peak of this cycle, at least in nominal dollars. In real, inflation-adjusted dollars, May 2022 will likely be the peak, 6% higher than last April. If April is the price peak this year, that’s a sign of a soft market because prices usually peak in June, or in weaker years, in May. Prices peaking in April would be very unusual. Homes for Sale Another sign of a soft market is that the number of homes for sale is down slightly at a time of year when prices are usually falling faster than that. Short-Term Rentals…

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Phoenix Median Price DOWN 5% from 2 Years Ago

 Phoenix median single-family home sold price in May 2024 = $490,000 Median price is likely to be flat or falling the rest of 2024. 76 Secrets Last year I realized I was getting old and needed to come to some conclusions after studying the U.S. real estate market for over 20 years. The result is “76 Secrets – U.S. Home Ownership – 3 Solutions” which I’m spooning out each week. You can follow my 76 Secrets on: In Phoenix, Real Mortgage Payment Price is similar to the top in 2006 Latest Case-Shiller data. Phoenix Investor Home Ownership ResiClub pulled directly from the Parcl Labs API, to find the major metro area housing markets where…

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Phoenix Months of Supply Highest Since 2014

 Number of homes for sale in Phoenix MLS should be back to 2017 levels by the end of June Will we be back to 2016 levels by the end of the summer? Probably. Since homes-for-sale increased this spring when it usually falls, it’s reasonable to expect more increases this summer when it’s usually flat. Axios…

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Number of Phoenix Homes for Sale = 2018

 But the number of Phoenix single-family homes for sale in the MLS is up 44% from a year ago. Can we say the number of houses listed for sale in the Phoenix MLS is skyrocketing? Up 2.6% in 2 weeks (at a time of year it usually falls). Might have been an inflection point 2…

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