May 22, 2026 4:02 pm
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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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