PHOENIX – The hot housing market across the United States lost a bit of steam in August, but a Valley economist says it’s too soon to say metro Phoenix’s skyrocketing prices have peaked.
“I wouldn’t want to call it as we’re peaking and it’s coming down. Let’s wait and see,” economist Jim Rounds of Rounds Consulting Group told KTAR News 92.3 FM.
Online real estate marketplace Zillow said the average price of a house in Maricopa County in August was $410,000. That’s nearly $100,000 higher than August 2020.
“In the case of the Arizona market and greater Phoenix, I wouldn’t expect to see any major declines anytime soon,” he said.
For-sale inventory in the Valley, year-over-year, is down 12%, data from Zillow showed.
“This isn’t necessarily a bubble situation; it’s an economic inefficiency situation,” Rounds said.
Zillow said more inventory was expected to become available over the next few months.