By Catherine Reagor | Arizona Republic
The housing market is a lot less frenzied than it was three months ago, and experts see the slowing continuing.
Since mortgage rates started climbing and inflation began hitting record highs, the number of properties for sale in metro Phoenix has shot up and sales have fallen.
For only the second time in more than a year, the area’s median price is expected not to climb in June. That projection is based on pending sales.
“You can’t compare the current housing market to any other market we have been through,” said Tina Tamboer, senior housing analyst with Cromford, at a recent HomeSmart Elite meeting with hundreds of agents in Phoenix.
She said now is not the time for sellers to overprice their houses, and buyers have a better chance of getting repairs done or a home warranty.
Slowdown starts: Metro Phoenix rents climbing but not as fast; see how much they increased over past year
Home prices, sales and supply
The median home price in the Phoenix area is expected to stay flat at $475,000 in June, according to the Arizona Regional Multiple Listing Service.
