Phoenix area home prices climb, but slowing is coming

By Katherine Reagor | Arizona Republic

Metro Phoenix’s hot housing market is less frenzied than last year, though it’s not that obvious yet as prices continue to climb.

The Valley’s median home price is expected to hit $475,000 in May and climb to $480,000 in early June, according to the Arizona Regional Multiple Listing Service.

But after that, home price increases “will begin to wobble,” according to the research based on pending sales.

Housing experts aren’t predicting anything close to a crash but instead a shift to a more stable market this year.

“When the housing market moves from a sellers’ market to a balanced market, demand softens first, and a drop in demand is what we’re seeing,” said housing expert Tom Ruff of ARMLS’ Information Market group.

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