November 17, 2024 12:46 pm
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Phoenix median home sales price likely to drop

Home pricesThe median home sales price is expected to fall by $5K from $195,000 in August to this month, according to the latest pending sales index from the Arizona Regional Multiple Listing Service. This was reported Wednesday by Catherine Reagor, The Arizona Republic.

Market watchers, expected it because of steadily falling sales in the Phoenix area. Home sales dropped to 6,428 in August, down 5.1 percent from July.

“Limbo perfectly describes our current housing market,” said real estate analyst Tom Ruff of The Information Market, owned by ARMLS. “Low demand and a lack of new housing inventory have balanced the market into a standstill.”

The pending sales index is based on negotiated prices for home sales set to close in September.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.