Real, inflation-adjusted median price is down 15% since May. I think we could easily see another 15% before prices bottom out which could be 2024 or later. Maybe 25%.
OR the government steps in and stops the fall somewhere along the way and we become Canada or Australia with persistent, crazy high house prices and a larger correction next time in 15 or 20 years.
Looks Like the Periphery of the Metro Phoenix Real Estate Market is Cooling a Lot Faster
I should look into this more thoroughly.
I wonder how many of my investor friends and real estate agent friends who work for investors a lot will unsubscribe.
If landlords were 10% of the buyers instead of 20% went Covid hit, the boom would have been a ton smaller.
If landlords were 10% of the buyers instead of 30% in the second half of 2021, prices would have likely leveled off then instead of continuing to skyrocket until May 2022.
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.