By Catherine Reagor | Arizona Republic
Metro Phoenix’s housing market is sliding toward buyers — as long as they can afford higher interest rates.
Home prices dipped in September as the number of listings and days on market climbed. The number of home sales bucked the slowing and ticked up a bit.
Interest rates are tapping the brakes on the market. The Valley’s housing market has been slowing since June after mortgage interest rates climbed above 5%.
Last week, the average for a 30-year mortgage climbed to the highest in 20 years as the federal reserve attempts to slow rampant inflation.
At 6.92% now, according to Freddie Mac, the current rate is more than double what it was a year ago.
