Phoenix home prices hit new record. Here’s what you can expect next.

By Catherin Reagor | Arizona Republic

Phoenix-area home prices hit another record in July, though some relief for buyers could be coming.

The Valley’s median home price climbed to $405,000 last month, according to the Arizona Regional Multiple Listing Service. That’s up from about $400,000 in June and $315,000 in July 2020.

But the area’s median is expected to dip back down to $400,000 during August based on pending sales.

Metro Phoenix’s heady population growth propelled its housing market, even during the pandemic. Phoenix drew a higher percentage of new residents than any other major U.S. city between 2010 and 2020, according to the latest census data released last week.

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