November 4, 2024 11:58 pm
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Buying a home in metro Phoenix is tougher than ever for many as prices hit new record

By Catherine Reagor | Arizona Republic

Buying a home in metro Phoenix is tougher than ever for many.

Bidding wars for a shrinking supply of homes for sale are driving up prices. Houses are selling before they are even listed, and buyers pre-approved for mortgages are losing homes to those who pay cash and close fast.

The Valley’s median home price hit a record $359,300 in March and is expected to have climbed by another $15,000 in April based on pending sales.

Home sales in the Phoenix area are up almost 14%, according to the Arizona Regional Multiple Listing Service’s latest report.

The number of Valley homes for sale is down 50% from April 2020.

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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.