Metro Phoenix home prices poised to fall again

By Catherine Reagor | Arizona Republic

More good news for metro Phoenix homebuyers.

Valley home prices are on track to fall again in September, after dipping in August and July.

But the reprieve for buyers shut out by an overheated housing market during the past few years comes as mortgage interest rates climb to the highest level since 2008.

The average rate for a 30-year mortgage climbed above 6% last week, according to Freddie Mac. That’s nearly double the rate from early January.

“Higher interest rates are definitely causing sales to drop and slowing the market,” said Tina Tamboer, senior housing analyst with Phoenix-based real estate research firm Cromford Report.

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