But it’s a Catch-22 The numbers are in for September showing a swing towards buyers. Inventory is rising, sales are slowing. The Maricopa County recorded deeds* (Affidavits of Value**) recorded during September show us the following: There were 5,896 closed transactions, down…
Yet Prices Continue to Rise? In this current Phoenix Metro residential real estate market, something’s gonna have to give, and we’re not sure what that will be. Historically and economically, when mortgage interest rates rise, sales and new escrows will slow. When…
7 Cities Above $300 PSF Periodically new buyers in to our area will ask us what part of the valley is the nicest to live in. We usually reply that every part of the valley is awesome to live in. (Hey we’re…
On the calendar, summer is finally drawing to a close. I hope you have been able to travel somewhere and get out of the suffocating heat we have experienced this year. Even if it is only for a short time, any time away…
As our readers are aware, the Bodeen Team has been sharing for awhile about a housing shortage that may be more chronic than anyone wants to believe. We’ve been exhorting prospective first-time buyers to get into the game even though we’ve passed…
7% Rates Get the Credit (or Blame) The most closely watched local real estate index, the Cromford Market Index (CMI), has been slowly turning south since mortgage rates hit 7+% this past July. The chart below shows the curvature of the Cromford…
I would like to be certain that the times ahead will become easier for buyers and sellers alike. Last year, around this time, I was fairly convinced that interest rates would lower significantly come the late Spring and early Summer. I had…
It’s not wise to take just one month’s data point and put too much stock in it, but this last month’s average lease price per square foot (PSF) had the largest one-month gain in over 20 years and THAT caught my attention….
We have some interesting charts for your perusal today – at least I think they are. The chart below, which is a 6 Month Moving Average Sales Price PSF, shows our peak at $299 PSF in August 2022 – one year ago,…
Slight Summer Price Drop They’re saying that July 2023 was the worst (hottest) on record, but it’s August in the Valley of the Sun, that is the pinnacle of misery. September, though still hot, brings cooler mornings and is a reminder that…