There’s no stopping the hot, hot, hot Phoenix real estate market.
The number of closed single-family detached house sales the last 4 weeks have been 20% to 30% higher than during the same weeks in 2019. That’s the story of the Phoenix housing market.
My Big Question. What happens when the eviction moratoriums end in January… if they end? Will a significant number of landlords sell or will they just ride the house price tsunami and try to pick the top and sell later?
I do remember the autumn of 2005 when everybody seemed to decide at the same time to sell and the number of houses for sale skyrocketed.
For U.S. real estate market analysis,
go to Real Estate Decoded.
Running a little bit higher than in 2019.
The number of houses for sale (relative to 2019) is as tight as last March.
There’s no sign of the number of houses under contract returning to “normal” yet.
This is the key metric. The number of single-family houses sold the last 4 weeks are running 20% to 30% higher than in 2019.
And we’re entering the slow season. November is the second slowest month for houses going under contract to buyers. December is the slowest month.
What’s the market going to be like when the high season starts in January? Interest rates will still be low or lower.
Tell me in the “Comments” what you think.
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.
Note. This post was written on November 1, 2020 but the graphs will be continually updated.