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Market Update
May 2019

FROM MICHAEL ORR AT THE CROMFORD REPORT
THE PHOENIX AREA LEADING EXPERT ON REAL ESTATE ANALYSIS.


Median Sales Price up 5.9% to $270,000 in Greater Phoenix | Sales Rebound, Up 3.7% Over Last Year

For Buyers:

The median rent paid on single family rentals through the Arizona Regional MLS is currently $1,625 per month, which is comparable to what the mortgage payment would be on a median-priced $270,000 home with 4% down at today's interest rate (including approximate taxes, homeowners insurance and mortgage insurance). If a buyer were to purchase that home today, within 5 years they would have nearly $35,000 in equity just from making their mortgage payment, not including any appreciation in value. If prices were to rise at a modest 2.1% per year (the average long term rate of inflation) within that same 5 years, then they would have an additional $43,000 in equity just from appreciation. This scenario would result in $78,000 in total equity within 5 years and by year 3 they would be able to remove any mortgage insurance from their payment, which would save another $200 per month approximately.

For Sellers:

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