This is your agent Audrey and it’s time for a housing market update! Here’s the December 2021 top market update take-aways Cromford Report Slides:
1) There’s still a shortage of homes for sale due to population growth exceeding housing unit growth. Unlike in 2006 before the market crash which was an overbuilding period.
2) Both Phoenix and the Nationally homes are in the normal affordability range
3) Unemployment claims are down to pre-pandemic levels
4) Job gains in Arizona are 94% recovered from February 2020. Phoenix, Mesa Scottsdale are 102% recovered
5) Median lease price continues to rise at $2,200/per month
6) Loan Forbearances are down 22% over the past 30 days, representing the fastest rate of improvement since the start of the pandemic.
7) Pre-foreclosures (which are owners who are sent a delinquent missed payment notice to them by the bank) are down
8) Overall still a seller’s market

There you have it the top 8 market update take-aways from the December 2021 Cromford Report

Interest Rates p 19 30 year 3.14%, 15 year 2.37%, but rising – buy now!