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
Inventory and Months' Supply
Inventory levels and months' supply are measures of housing supply. Here is a quick look at both of these terms.
December 2020 Existing Home Sales Annual Pace Rises to 6.76 Million
Existing-home sales data shows that housing market activity this December rose modestly 0.7% from November 2020.
Fewer Americans Applied for Jobless Aid Last Week
Fewer Americans filed a new unemployment claim last week, with the number of unadjusted initial claims falling to 960,668, a decrease of 151,303 claims from the prior week.
Existing-Home Sales Rise 0.7% in December, Annual Sales See Highest Level Since 2006
Existing-home sales rose in December, with home sales in 2020 reaching their highest level since 2006.