By Michael Doudna | 12 News Phoenix
PHOENIX — The Phoenix housing market has changed rapidly from its peak in May. After several years of prices jumping more than 10% annually, prices are down.
“It was wonderful, it was a great time to be alive,” Steve Trang, a home flipper, said about the past years.
Trang said the last few years have been profitable, making almost every home purchase a money maker.
12News met Trang at a home in West Central Phoenix. The four-bedroom residence sits just minutes away from Grand Canyon University.
“When we closed on it in May, we were going to crush it,” Trang said. “We were thinking (of selling it for) $325,000. A bidding war, maybe $325 or $340,000.”
The deal made sense in May. Prices back then were up more than 25% from the year before, and the market showed continued growth.
Trang said he knows flippers that invested even more in the May housing market.
“Hey, this party feels like it’s going to keep going, and there is no reason for it to stop.” Trang said, “And then the music stopped.”
