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
Instant Reaction: Mortgage Rates, August 13, 2020
Mortgage rates bounced up lightly this week to average 2.96% from 2.88% the prior week, but this should have virtually no impact on home buying.
Housing Affordability Slips in June 2020 as Median Family Income Falls
Affordability worsened in June compared to May as the median family income slightly declined by 1% while the median home prices rose by 4%.
Metro Home Prices Grow in 96% of Metro Areas in Second Quarter of 2020
Home prices have held up well, largely due to the combination of a very strong demand for housing and a limited supply of homes for sale.
Instant Reaction: Jobs, August 7, 2020
Jobs are coming back, with 1.8 million net new additions in July, bringing the total to 9.3 million over the past three months as the economy has steadily reopened.