November 21, 2024 6:31 am
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Why Metro Phoenix home prices fell in July

By Catherine Reagor | Arizona Republic

Metro Phoenix home prices and sales fell in July as temperatures soared.

It’s a typical summer for the Valley’s housing market.

Both housing market indicators are expected to be flat in August.

“Our housing market can’t sustain a high level of sales contracts at mortgage rates around 7%,” said Tina Tamboer, Cromford Report senior housing analyst, speaking recently to metro Phoenix real estate industry professionals.

The Phoenix-area median home price fell to $435,000 in July from $443,000 in June, according to the Arizona Regional Multiple Listing Service. Pending sales show it will likely be flat in August.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.