By Axios
A growing share of metro Phoenix homeowners are selling their houses for less than they paid for them, per data Redfin shared with Axios.
Why it matters: Some Valley homeowners have suffered five-figure losses on their investments.
State of play: More than 3% of metro Phoenix homes sold at a loss from August to October — up from 0.74% a year ago.
- The median loss was around $32,450, per Redfin data.
What’s happening: This is a reflection of high interest rates slowing down home value growth.
- Prior to rate hikes that began in March 2022, Phoenix home prices surged at a record pace, meaning buyers didn’t have to hold onto their homes long to see returns on their investments.
Reality check: Homeowners selling at a loss are most likely those who bought within the last two years.
