By Kunle Falayi, Catherine Reagor | Arizona Republic
Home prices fell in most metro Phoenix neighborhoods during the last part of 2022.
During last year’s fourth quarter, 100 Valley ZIP codes posted drops in median prices, according to an Arizona Republic analysis of Arizona Regional Multiple Listing Service data.
And 20 neighborhoods across the Phoenix area saw home prices climb.
Metro Phoenix’s housing market started 2022 at a record-breaking pace for prices and sales, but as interest rates climbed both started dropping mid-year.
“We began 2022 with one of the strongest Januarys in history, only to close with one of the weakest Decembers on record,” said housing analyst Tom Ruff with The Information Market, a division of ARMLS.
He said depending on the month, 2022 was a seller’s market, a buyer’s market and a balanced market.