By Catherine Reagor | Arizona Republic
Interest rates are up, and home prices are down a bit in metro Phoenix.
The combination hasn’t made it easier for buyers or sellers. But housing analysts aren’t alarmed or predicting any big drops in home prices in the Valley.
Other parts of the U.S., including several more expensive cities, are seeing bigger dips in prices than metro Phoenix has so far.
The median home price in the Phoenix area is down about 2.8 percent from the record high in July.
“The housing market is going back to a more normal balance now,” said Tina Tamboer, senior housing analyst with the Cromford Report. “We won’t see a big price drop in the Phoenix area, but prices could go flat for a while. That’s not necessarily a bad thing.”