3 Misconceptions, Phoenix Housing Market
3 Misconceptions about the Phoenix housing market.
1. Foreclosures are climbing quickly. Notice of Trustee Sales have risen since the moratorium on foreclosures was lifted. Last month there were 409 compared to 86 at the end of 2021. Yes this is an increase. To put it into perspective there were over 5000 every quarter for 4 years during the 2008 meltdown. In addition last month the number of homes that actually sold at a trustee sale was 20.
2.. The number of homes for sale is increasing. The number of homes for sale is decreasing. Potential home sellers with amazing mortgage rates are reluctant to put those homes on the market and lose that great rate. This is causing lower inventory levels.
3. Sales prices are dropping. This is false. Home prices fell in the last half of 2022 by about 11%. Since the beginning of 2023 home prices have gained 2.5% back for this dip. This is reflected in the Average price and the average price per foot.
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