{"id":15417,"date":"2023-01-13T04:04:05","date_gmt":"2023-01-13T11:04:05","guid":{"rendered":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/?p=15417"},"modified":"2023-01-13T04:04:08","modified_gmt":"2023-01-13T11:04:08","slug":"arizona-condo-prices-fall-faster-than-single-family-homes-against-nationwide-trend","status":"publish","type":"post","link":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/in-house-news\/arizona-condo-prices-fall-faster-than-single-family-homes-against-nationwide-trend","title":{"rendered":"Arizona Condo Prices Fall Faster Than Single-Family Homes, Against Nationwide Trend"},"content":{"rendered":"\n
\"\"<\/a><\/figure>\n\n\n\n

The pandemic caused a strong demand for homes with more space, which led to historically high housing prices. Now, record-high interest rates and inflation are driving buyers to a more affordable alternative: condos. <\/p>\n\n\n\n

This shift is making single-family home prices undergo a dramatic price correction across the nation; however, condo prices are contracting much less, indicating the current demand for condos in the U.S. <\/p>\n\n\n\n

To discover the price evolution of both single-family homes and condos, Point2<\/a> analyzed condo and single-family home prices in the 100 largest U.S. cities from May to the most recent available pricing data. Since last spring, when prices were at a peak, single-family home prices have decreased by 8.6%, while condo prices have only fallen by 4.4%.<\/p>\n\n\n\n

Though single-family home prices are falling almost twice as fast as condo prices nationwide, an opposite trend has been seen in Arizona, where condo prices dropped more than single-family homes in the state\u2019s seven largest cities.  <\/p>\n\n\n\n

Glendale, Ariz. recorded the biggest condo price drop in Arizona of 21% and landed fifth on the top ten cities with the biggest contractions in condo prices since the price peak in May. Mesa and Chandler followed with a 15% price drop and 11% price drop, respectively. <\/p>\n\n\n\n

Single-family home prices, however, didn\u2019t drop as drastically. Chandler and Gilbert both dropped the most in the home market, with a 12% decline, while Phoenix followed with a 10% decline. Likewise, house prices in Mesa, Scottsdale, Glendale and Tucson contracted between 5% and 8% compared to their spring peaks. <\/p>\n\n\n\n

Read the complete Point2 analyzation of condo and single-home price evolution here<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"A cool down is happening in America\u2019s largest housing markets.\n","protected":false},"author":20,"featured_media":15420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[1648,1663,4791],"class_list":{"0":"post-15417","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-in-house-news","8":"tag-featured","9":"tag-real-estate","10":"tag-real-estate-news","11":"cs-entry","12":"cs-video-wrap"},"yoast_head":"\nArizona Condo Prices Fall Faster Than Single-Family Homes, Against Nationwide Trend<\/title>\n<meta name=\"description\" content=\"A cool 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