Fall 2019 – No Sign of Real Estate Bubble in Phoenix Metro
A Quick Look at September Numbers
We love The Cromford Report because it is all about numbers. This chart takes all the numbers for the Metro Phoenix area and compares them to the last month, last quarter, last year and two years ago (all on the same day of the month). By comparing all these figures, it is easier to see the current trends, as well as the big picture.
Not much has really changed! Slow and steady wins the race. There is still no indication of a real estate bubble in our Phoenix Metro real estate market.
Tips to Understand the Charts
- Green arrow indicates strength in the market, relative to the numbers.
- Red arrow indicates weakness in the market, relative to the numbers.
- Yellow dash indicates no change.
Example 1: Active Listings are down from last month, last quarter, last year and two years ago. This is shown as a green arrow down.
Example 2: Pending Listings are down from last month and last quarter indicated by a red arrow down. However, the number is higher than last year and 2 years ago on same date, indicated by a green arrow up.
Example 3: Days Inventory is the same as last month but significantly lower than last quarter, last year and two years ago.
News from NAR - National Association of Realtors
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Fewer People Receiving Unemployment Benefits; Nearly 4 Million Less Than the Previous Week
Nearly 21 million people received unemployment benefits in the week ending May 16; a decrease of 3.8 million from the previous week’s revised levels.
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Pending Home Sales Slump 21.8% in April
April’s decline in pending sales could be the lowest point, as NAR’s chief economist expects the market to bounce back soon.
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Forbearance Options for Homeowners
Due to the coronavirus pandemic, the job market and the economy have changed drastically. We are seeing record highs of filings for unemployment as well as many families are trying to figure out how to manage the financial wellness of their households.
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April 2020 Existing Home Sales
Housing market activity in April 2020 fell 17.8% from March 2020. April's sales of existing homes dropped 17.2% from April 2019.
