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Metro Phoenix home prices hit record in March but sales are slowing

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By Catherine Reagor | The Republic

Metro Phoenix median home price hit a record in March, but most of the sales that drove the price up to $302,500 were negotiated before COVID-19 hit.

The forecast for April is a slight dip in home prices to a median of about $300,000, according to pending sales tracked by the Arizona Regional Multiple Listing Service.

Part of the projected slip in the area’s median home price this month will be due to more lower-priced homes listed for sale after the coronavirus started shaking the economy in mid-March.

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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.