"I'm waiting for prices to come down" - It Happened Already!

[Jake Andronico]

At least here in Reno, NV, we saw about an 8-10% reduction in median home prices from the peak of 2022. 

Not shockingly, this happened when interest rates hiked up. But, it's now bounced back from the low of Q1 in 2023 to almost the peak 2022. 

I always tell buyers DO NOT BUY if you're not ready, but if you are ready, waiting can cost you. 

Curious to hear about other markets - did you guys see a fairly significant price reduction and bounce back around the same times? 

[Bruce Woodruff]

Quote from @Colleen F.:

@Bruce Woodruff it's not just you at least what I see in east valley I look at house prices around us and they are much higher than when we bought in 2016.   The spec homes seem to sell quicker too. I do wonder if Phoenix can sustain the growth. Not sure if some of the developments completing will help or just bring more people.  Outskirts of Phoenix cover alot of territory so not sure what is happening in the rest of the valley. 

 The West Valley is booming. new housing everywhere. I heard that there is a moratorium on any more large developments due to the water issue. 

But yes, the prices have about doubled since I first bought in 2020. Still more Californians coming, I read about 80,000 per year to AZ as a whole.....