A new report from Zillow claims that more than half of American homes—and 87% in some metros—lost value over the last year. But does this match the reality on the ground in Phoenix?
In this segment from @KTARNews , Trevor Halpern, CEO of Halpern Residential, breaks down the data to show what is actually happening in the Greater Phoenix real estate market. While Zillow suggests a decline, local data from the Cromford Report tells a different story: median sales prices are actually up 1.1% year-over-year.
Trevor explains why long-term equity remains massive (up 78% over 20 years for some) and discusses the current “churn” in migration—with retirees leaving for Mexico while buyers flood in from California, Texas, and Alaska. He also reveals a surprising trend with New Home Builders: shrinking margins are causing them to slow down production and aggressively court real estate agents with higher commissions.