John Wake analyses the Phoenix real estate market using Phoenix MLS (Multiple Listing Service) data. The metro Phoenix MLS comes out with new data each month on the number of homes sold, the median price of the homes sold, the number of unsold homes listed for sale, and the number of new listings that hit the Phoenix market each month. See all past “Phoenix Real Estate Market at a Glance” reports on a single page.
- The median home price in Metro Phoenix continued flat and I forecast only small positive gains (3%-6%) for Metro Phoenix as a whole in 2014.
- The number of homes for sale fell on lower than expected new listings, nevertheless, I forecast the number of homes for sale to trend strongly upward for 2014.
- If we see large increases in mortgage interest rates, I’m not sure what will happen to home prices. In the short and medium term, home prices would likely INCREASE more than forecast as demand spikes due to the expectation that rates will continue to increase.
Watch the video for a discussion.
Video covers data through December 2013 on the Phoenix real estate market.