The number of houses sold should fall for the rest of the year which is typical for the 2nd half of the year.
The big question is, what happens to the number of houses hitting the market? It’s been extremely low – like the number of houses sold – so the market has been in balance with low supply and low demand matching each other.
What happens when/if the economy slows this year? Will more people start selling or just fewer people buying? And will the economy slow this year or next?
The number of single-family houses for sale was lower last week than the same week a year ago. It’s the first time that’s happened in 1.5 years.
Arizona Apartment Rents Flatish
But Scottsdale rents are down more than in any of the top 100 metros covered by Apartment List!
Here’s the rent trend for single-family detached houses from the local MLS, via The Cromford Report. Most single-family houses are NOT leased via the MLS but it’s worth seeing the MLS trends anyway.
MLS Monthly Average Lease Price per Square Foot
Single-Family Detached under 2,500 Square Feet
Rents jumped strongly in recent months, even more strongly than usual during the spring. It’ll be interesting to see how much rents fall from here. They usually fall from here, but will they fall a little or a lot?
My guess is that with a lot of new apartment construction being completed this year and a potential recession coming, we’re a lot more likely to see lower rents than higher rents.
Also keep in mind that since rents went more or less flat in August 2021, consumer price inflation has gone up 11%.
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.