By Catherine Reagor | Arizona Republic
Metro Phoenix home prices are poised to hit a new record this month as lower interest rates continue to entice more home buyers, while the number of houses for sale shrinks.
The area’s median home price is expected to climb from $280,000 to $285,000 in November, based on pending sales.
Bidding wars for homes priced below $350,000, particularly by investors paying cash, are common.
A growing number of first-time buyers are getting beat out by those investors, who are driving up prices.
