Will prices peak this year in April or May? Later?
Phoenix Becoming Denser… Without Getting Rid of Zoning
Mike Orr at The Cromford Report.
“Single-family permits are very low while multi-family permits are very high. It seems that the construction industry has collectively determined that the mix of homes in Maricopa and Pinal is going to change in favor of multi-family and away from single-family.
Multi-Family Permits – Maricopa and Pinal Counties
Single-Family Permits – Maricopa and Pinal Counties
Phoenix House Prices vs. Employment
Just eyeballing it, the relationship between change-in-employment and change-in-house-prices looks similar to early 2007. The increases in metro Phoenix employment have been pretty great since early 2021. If employment growth goes negative, that would be bad… but not unexpected. https://fred.stlouisfed.org/graph/?g=12ZpX
Office real estate has been in the news a lot lately
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.
- Phoenix Weekly Market Updates 2023
- Phoenix Weekly Market Graph (only)
- Long-term Phoenix real estate market graphs