Phoenix Median House Price Down 4% in 1 Month!

• Interactive Charts – Weekly and Monthly

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Review of Tom Ruff’s Phoenix Market Report

Tom’s report is here.

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My Latest

Forbes.com

• The Housing Market is Less Rational Now Because of the Internet

RealEstateDecoded.com

• A Housing Bust Will Hurt Baby Boomers Too, Not Just Millennials

And I love this one from last year.

• The Movie “It’s A Wonderful Life” & The Weird History Of “Building & Loans” In Real Life

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Prices Fall 4% in 1 Month

• Phoenix median single-family house price down 4% in 1 month to $453,000 in November .
• From May to November, the median price in metro Phoenix fell $62,000 or 12%.
• Metro Phoenix median single-family non-distressed house sold price is about the same as a year ago ($453,000 vs $450,000 a year ago).

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Price Change November 2021 to November 2022

• Paradise Valley = +17%
• Litchfield Park = -19%

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Phoenix houses used to be more affordable than the U.S. average but now Phoenix houses are less affordable than the U.S. average, according to this graphic from the Atlanta Fed.

(That's gotta hurt future econ development.) https://t.co/Y9vZODzpex pic.twitter.com/LwBm1TB5Hk

— John Wake (@JohnWake) November 22, 2022

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"• The market with the biggest decrease in year-over-year new home listings was Phoenix."https://t.co/WNwD2SyFRg

— John Wake (@JohnWake) December 7, 2022

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Here's an extreme example of the changes to the Arizona real estate market this year.

Arizona City is small town out in the middle of nowhere about halfway between Phoenix and Tucson.

Arizona City, AZ
Single-Family Houses for Sale
May 22, 2021 = 11
May 21, 2022 = 94

— John Wake (@JohnWake) December 3, 2022

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Click on the graphs to go to the full-size, interactive version.

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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).

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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.

• Phoenix Weekly Market Updates 2022
• Phoenix Weekly Market Graph (only)
• Long-term Phoenix real estate market graphs