By Catherine Reagor | Arizona Republic
Metro Phoenix’s housing market took a turn in mid-2022 and slowed from its record-breaking pace as interest rates jumped. But the cooling could be over for at least a few months.
The Valley’s median home price dropped $1,000 less than projected in November to $420,000 and is expected to be flat in December based on pending sales.
Sales in the Phoenix area continued to fall in November, according to the Arizona Regional Multiple Listing Service. But what’s keeping prices from sliding more is the number of houses listed for sale is falling too.
The number of homes sold fell more than 10% in November from October to 4,756. The supply of houses for sale dropped almost 8% to 21,067.
“December could be the bottom of this market,” said Tina Tamboer, Cromford Report senior housing analyst. “We’ll see.”
