The 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.
