Phoenix home price appreciation???

From Mike Orr at The Cromford Report;

For the monthly period ending December 15, we are currently recording a sales $/SF of $84.47 averaged for all areas and types across the ARMLS database…

The current price level is 1.4% higher than last year on December 15. I probably need to say that again to let it sink in. The average price per square foot is now 1.4% higher than it was 12 months ago. This is what used to be known as “appreciation”. Today it is known as “that can’t be right”.

But it is.

“This is what used to be known as ‘appreciation’. Today it is known as ‘that can’t be right’.”

Well said, Mike.

So, the average Phoenix home price is essentially flat compared to last year at this time but flat looks like up from where we’ve been.