Home prices hit a 2 year low! The news is wrong.

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Are home prices actually rising — or falling? The headlines say Phoenix home prices just hit a record high, but when you adjust for inflation, the typical Phoenix home is cheaper now than at any point since early 2024. In this week's Phoenix housing market update, I break down the new Cromford Report data so you can see what's really happening.

Here's what we cover:
▪ Why Redfin says prices rose 3% — and why that's not the full story
▪ Inflation-adjusted home prices in Greater Phoenix (the chart that changes everything)
▪ Which homes got cheaper (twin homes down almost 14%) and which got more expensive (luxury up 18%)
▪ Mortgage rates near 7% — what the Fed's latest decision actually means for buyers
▪ Phoenix inventory update: 24,000+ active listings and why that's actually normal
▪ City-by-city breakdown: which Valley cities are buyer's markets vs. seller's markets right now