Courtesy of Debbie Negrin, Jay Pennypacker and Will Foote/Russ Lyon Sotheby’s International Realty.
By Catherine Reagor | AZ Central
Metro Phoenix’s median home price is expected to climb almost $12,000 in March after dropping most of the past six months.
Home sales jumped in February and are on track to increase again in March.
Both are indicators that the Valley’s housing market isn’t headed anytime soon for a repeat of the crash that rocked the economy during the Great Recession, contrary towhat at least one Wall Street firm said would happen this year.
Sales and prices are still down across the Phoenix area compared to the first few months of last year, but so is supply. That’s keeping the market favoring sellers.
Interest rates are the wildcard.
“Mortgage rates are extremely volatile at the moment, making any future projections extremely thorny,” said housing analyst Tom Ruff with The Information Market, an Arizona Regional Multiple Listing Service division.
When interest rates started climbing last spring, home sales and prices began falling.
