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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