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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