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
Fewer People Need Unemployment Benefits; New Claims Dropped by 9% Last Week
Fewer people applied for unemployment benefits last week. Both new and total claims dropped significantly, implying that there is job creation and people are able to find jobs again.
October 2020 Commercial Real Estate Market Trends and Outlook
REALTORS® reported a decline in sales and leasing transactions, except for industrial properties, clearly the strongest leg of the commercial sector. The land market has also been a strong sector, especially sales of land for recreational use, as the pandemic has curtailed leisure activities in the urban areas.
State Employment Monitor: Job Growth in 41 States in September 2020 But Still Below Pre-Pandemic Levels
As of September, 41 states had job gains but employment has not recovered to pre-pandemic levels (February 2020) in all states.
September 2020 Existing Home Sales Rise to 6.5 Million
Housing market activity this September rose 9.4% from August 2020, and sales of existing homes jumped 21% from September 2019.