Impact of Unemployment Rate on Phoenix House Prices
Metro Phoenix (Nominal) Rents Per Square Foot Have Been Flat for 2 Years
“As we transition from our “buying season” to the “off season,” I expect prices to “wobble” throughout the remainder of 2023”
“Our reported median sales price of $443,000 in June may very well be the high-water mark for 2023.”
“Looking ahead to July, the ARMLS Pending Price Index is projecting the median sales price will fall to $430,000. In June 2022, we recorded the highest monthly median sales price ever reported: $475,000. If our projections are correct, the median sales price will be 5.18% lower year over year and down 9.47% from our record high.”
But Scottsdale rents went up 32% in 2021.
Judge sentences man for stealing Scottsdale home.
Case-Shiller Home Price Index updated through May
In West Coast markets the annual (nominal) price declines are leveling off or prices are actually increasing slightly.
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.