Phoenix House Prices Increased More Than in Any Other U.S. Metro
From January 2012 to our price peak, Phoenix house prices increased 261% which was more than in any other U.S. city, according to this report.Phoenix home prices, however, are down 9% since our peak in May 2022.
Metro Phoenix MLS had 23% FEWER single-family houses for sale last week compared to 1 year ago!
BUT the number of single-family houses for sale has stopped falling and will generally increase the rest of the year.
The question is whether it will increase more or less than in a typical year.
Right now, the Phoenix market is in a delicate balance.
House sales will definitely remain weak because of typical seasonality and high interest rates, but will the number of houses hitting the market continue to be low, too?
What happens if that recession so many people have been talking about finally arrives? Will more people want to sell? A lot more?
Maybe we’ll get a “soft landing” and a mild recession. The recession in 2001 barely hurt Phoenix real estate. On the other hand, the real estate market was very strong going into that recession.
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.