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?
A new Zillow report claims more than half of U.S. homes—and up to 87% in some metro areas—lost value over the past year. But does that reflect what’s really happening in Phoenix?
In this segment from KTAR News, Trevor Halpern, CEO of Halpern Residential, breaks down the data and challenges that narrative.
According to the Cromford Report, Phoenix tells a different story. Median home prices are actually up about 1.1% year-over-year.
Halpern also highlights a key long-term trend: homeowners have seen significant equity growth, with some markets up nearly 78% over the past 20 years.
He explains that the market is currently in a “churn” phase. Retirees are leaving for places like Mexico, while new buyers continue arriving from California, Texas, and Alaska.
Another shift is happening with builders. As margins tighten, new home construction is slowing. At the same time, builders are competing more aggressively for agents by offering higher commissions.