Valley home prices poised for big drop

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.

READ ON:

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories

Rents in Tucson area settle down

By Gabriela Rico | Arizona Daily Star Rents in the Tucson area are stabilizing after more than two years of significant spikes. In January, there was no measurable increase in average rental prices from

Read More »
November 2022
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930