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
- 13 Months Later, Where Do Mortgages Stand?
According to the Snapshot on Race and Home Buying in America, which uses Census ACS data, the homeownership rate for Black Americans is 42%, Hispanic Americans 48.1%, Asian Americans 60.7%, and White Americans 69.8%.
- Instant Reaction: Consumer Price Index, April 13, 2021
Over the last 12 months, the inflation rate rose 2.6%, compared to 1.7% in February and 1.4% in January, respectively.
- Tracking Jobless Claims by State: Week Ending April 3, 2021
The economy added nearly one million jobs in March, 2021, the fastest acceleration since August, 2020. Although the economy is creating jobs, layoffs are still happening.
- Housing Affordability Falls in February as Home Price Growth Surges
Affordability declined in February compared to January as the median family income rose by 3.5% while the monthly mortgage payment increased 5%.