Housing Market Warning as Prices Suddenly Fall in One U.S. City
Continuously rising house prices have sparked warnings of a looming crash in the real estate market, but one analysis has shown that a city with soaring prices is already seeing a dip in property values over the last month.
Data last month from the Federal Housing Finance Agency (FHFA) showed that across the country, house prices rose in April by 1.6 percent, compared with the previous month. But year-on-year figures showed the real scope of runaway house prices and the squeeze put on first-time buyers. The FHFA said values spiked by nearly a fifth (18.8 percent) and over the last two years, up by more than a third (34 percent).
As previously reported by Newsweek, Phoenix was named by Moody’s Analytics as among the top five cities in the U.S. with overvalued homes. Its assessment said that properties in the South and Southwest got “juiced up by remote work” during the pandemic.
However, one analysis just out has shown that prices in the Arizona state capital may be on their way down. Data tweeted by independent real estate market analyst John Wake showed that prices in Phoenix…