By Catherine Reagor | Arizona Republic
Metro Phoenix’s hot housing market cooled a few degrees during the summer, but prices are climbing again.
The Valley’s median home price is expected to have hit $410,000 in September and climb to a new record of $415,000 by mid-October, according to the Arizona Regional Multiple Listing Service’s analysis of pending sales.
The price increases are coming even as the supply of homes for sale continued to tick up and sales dipped slightly in August. That combination of slowing indicators had been keeping the Phoenix-area median home price hovering around $405,000 during the summer.
An increase in the number of “iBuyers,” corporate buyers and other investors purchasing Valley homes could be behind the latest price increases.
In August 2020, traditional buyers who typically plan to live in their homes accounted for 91% of metro Phoenix sales. But in August 2021, traditional buyers were behind only about 75% of Valley home sales.
