By Catherine Reagor | Arizona Republic
Metro Phoenix home prices dipped as the number of sales dropped in October, but a bigger slide for the area’s housing market is expected in November.
The Valley’s median home price slipped $1,000 last month to $438,000, according to the Arizona Regional Multiple Listing Service.
But the median home price in the Phoenix area is on track to drop to $419,000 in November, based on pending sales.
That’s down almost 12% from the $475,000 record hit in May.
Higher mortgage rates and affordability concerns are the main reasons home sales are slowing and prices are falling, said housing analyst Tom Ruff with The Information Market, a division of ARMLS.
The average 30-year mortgage rate was 7.1% at the beginning of the month, more than double January’s rate of 3.2%, according to Freddie Mac.