By Catherine Reagor | Arizona Republic
Metro Phoenix’s overly hot housing market cooled quickly in June, and prices are expected to drop in July.
Rising interest rates, stock market swings, a jump in supply of houses for sale and slower sales all hit the market this summer.
As a result, the Phoenix-area median home price is poised to fall by $25,000 to $450,000 in July, according to pending sales tracked by the Arizona Regional Multiple Listing Service.
The drop comes after home prices have climbed every month but one in the past two years, and sellers had a big upper hand.
“Our market is cooling rapidly, with a balanced market next on the horizon,” said housing analyst Tom Ruff with ARMLS’ Information Market.
“There may still be a buyer or two out there that has not received the memo, but for the most part the days of multiple offers and bidding wars have ended as ‘For Sale’ signs begin to multiply in metro Phoenix,” he said.
