- Even though median prices are within 98% of the peak, the fact that interest rates are so much lower today means that homes are still affordable.
- The median family income has risen $11,000 since 2005, indication there is room for families to bear the increase in price.
- Despite appreciation rates higher than the rate of inflation over the past 7 years, families making the median income could afford 65% of what sold in Greater Phoenix last quarter.
- Overall Greater Phoenix home prices have finally reached where they are supposed to be historically and it’s expected to continue rising through the end of 2018.
Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2018 Cromford Associates LLC and Tamboer Consulting LLC