Right now here in Arizona, we’re in the middle of our “Monsoon” weather pattern. We seem to be having nearly daily thunderstorms, not predicted by the big tech weather sites. It’s interesting how some of these pop-up storms have been rather severe, totally by surprise.
In my neighborhood, Sunland Village, Mesa, AZ, we had a windstorm last week that blew over a gigantic cedar tree that was on the golf course. When it landed on the street, it left room for only one lane of traffic. Half mile away, the wind literally ripped off the west eave of a home. From that eave, an eight foot piece of the fascia board actually blew all the way over to the east side of the home. Then it stabbed itself into the garage siding of the home to the east. Totally unbelievable. There were other homes with clay tile shingles torn off the roof, particularly along the edge.
This Arizona Monsoon weather pattern once was defined as the time when the due point is above 55° for three consecutive days. Then they changed it to the days from May 15 to September 30. The National Weather Service defines it as a time of “seasonal change in the direction of the prevailing, or strongest, winds of a region.” Monsoon winds generally blow from the southeast, a direction from which normal winds rarely blow.
So far as the housing market, we’ve heard some doomsayers predict the Arizona or U.S. housing bubble. We’ve heard others say that interest rates will slowly edge down as the U.S. Treasury gets a handle on the numbers, so far as the money supply is concerned. What’s really going to be happen in this real estate market??
Right now, only two things seem obvious in Arizona. The price of homes is at an all time high. The number of apartments being built is at an all time high. Everything else is anybody’s call. No one can really say with complete certainty what the future will bring.
You could say this about 2022’s real estate market: it’s a “seasonal change in the direction of the prevailing, or strongest, winds of a region.” Winds include housing supply, housing demand, interest rates, job numbers, price of gasoline, and price of building materials.
Oh, don’t forget the political winds are blowing. Maybe that’s why Monsoon winds are usually stronger in an election year.