Single-family house sales down more than HALF through August compared to Jan-Dec 2021
But house prices are a lot higher which helps slow the fall in total sales volume.
The number of single-family houses listed for sale could be back to 2019 levels before the end of the year but will still be well below 2022 levels.
Just looking at the number of new listings hitting the market, 2022 and 2023 look a lot like 2007 and 2008.
According to local MLS data, Phoenix single-family rents have been flattish for 2 years. They would have to stay flattish for another 4 years to get back to the 2017 to 2020 trendline.
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.