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Apartments Under-Construction Will Increase Phoenix Apartments 10%!

 What the Heck is a “Building and Loan”? My economic analysis of “It’s a Wonderful LIfe.” A LOT of People are Moving to Arizona Where are Interest Rates Headed? Apartments Under-Construction Will Increase Phoenix Apartments 10%! According to my analysis of this publication. One Reason We Don’t Build More Homes in Phoenix We subsidize land speculation. Your house is assessed according to its fair market value. Shouldn’t investors have their land assessed the same way? 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…

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Metro Phoenix Median House Price Down 12% in 6 Months

 Long-Term Monthly Data Weekly Data 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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Phoenix Median House Price Down 4% in 1 Month!

 Review of Tom Ruff’s Phoenix Market Report Tom’s report is here. My Latest Forbes.com RealEstateDecoded.com And I love this one from last year. Prices Fall 4% in 1 Month Price Change November 2021 to November 2022 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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We Have 2 Different Markets in Phoenix

 My Latest on Forbes.com A Housing Bust Will Hurt Baby Boomers Too, Not Just Millennials After it’s been on Forbes.com for 5 days, I’ll publish it on my other website which is, of course, open access. We Have 2 Different Markets in Phoenix If you’re buying or selling a house right now, you gotta keep this in mind. Now for something completely different 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…

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Phoenix Single-Family House Sales DOWN 45% From a Year Ago

 iBuyer Crash Now For Some Good News! I know it’s not like me to be Mr. Brightside but… 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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Phoenix House Prices Down $45,000 (-9%) in 5 Months

 At the current trend, the median single-family sold price in December 2022 will be about the same as in December 2021. And with inflation running about 8%, that would mean real, inflation-adjusted house prices in Phoenix would be down about 8% over that year. The Good News. If you currently own a house with a fixed-rate mortgage, that 8% inflation also means your real mortgage payments will be 8% lower every year you have left on your mortgage. Brilliant, Quick Phoenix Market Analysis from The Cromford Report “Demand keeps getting weaker, but new supply is also getting lower every week… Sellers outnumber buyers, but not by a wide margin in the majority of areas.” “Normally when prices…

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No Real House Price Appreciation Over Last 12 Months in Phoenix!

 No Real House Price Appreciation Over the Last 12 Months in Metro Phoenix! The real, inflation-adjusted median home price in Phoenix fell 9.0% in 4 months from May to September and was slightly lower in September 2022 than in September 2021. Market Update Average Sold Price Per Square Foot Down 3.6% in 1 Month! Looking at all house types, the median sold price per square foot for the month ending October 15 was down 3.6% compared to the previous month, according to Mike Orr at The Cromford Report. Looking at the prices of houses currently under contract, however, Mike thinks the sold price per square foot will actually be a little HIGHER next month, up…

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This Time is Different – 1 Reason Why

 This Time Rents Also Skyrocketed Calculated Risk Blog: “House Prices: 7 Years in Purgatory” I agree with Bill McBride at Calculated Risk. Right now, this looks like the most likely scenario to me, too. “I think the most likely scenario now is nominal house prices declining 10% or more from the peak, and real house prices declining 25% or so over the next 5 to 7 years.” That’s national. Phoenix will fall more than the U.S., of course. Phoenix is already down 8% from the peak in May so a total nominal decline of 20% or more in metro Phoenix would seem very likely in this scenario. There are several reasons why that scenario might not play out but…

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Phoenix Median Single-Family House Price DOWN $40,000 in 4 Months

 Phoenix Median Single-Family House Sold Price Down $40,000 in 4 Months The End of FOMO. Phoenix median single-family house prices will probably match year-earlier levels by December or January. And then for the next 6 months, the real estate storyline will be that house prices are lower than a year ago. That could really change the expectations for future house prices and any remaining buyer urgency. Interview Market Update Building Permits Rents Phoenix’s Apartment Market is Cooling Off Fast But while “cooling off” is too strong a word to describe national performance, it appears to be an accurate description of Phoenix. Quick Tweets Don’t look at Phoenix. Click on the…

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