Thursday, June 14, 2018

Phoenix Housing Market Shows a Breakout Uptrend

(Click on the image to enlarge)
The Median Sale Price started moving sideways since May (#5), remaining range-bound between $225K and $235K. Both trendlines are confirming the sideways move, without any imminent breakout. Of course, any breach out of this tight congestion will be very bullish. 

Though the two trends generally remain in tandem (not necessarily in lockstep), they somewhat diverged in this case. 

The normalized trend (Sale Price per SF /bottom chart)  started the upswing after having bottomed out in August (#8). Obviously, this trend is more bullish than the primary one considering it has recently made a higher high, eclipsing the prior $148/SF, thus prompting me to fit a bullish linear trendline rather than the prior curvilinear.

Note: This analysis covers the City of Phoenix, not the entire Maricopa County.

- Sid Som, MBA, MIM
President, Homequant, Inc.
homequant@gmail.com

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