PHOENIX — Amid a cooling housing market, median sale prices in the Valley are dropping by 5% month over month, leaving home buyers wondering if the market is headed for a crash.
As of July 11, the median sales price dropped to $457,500, down from $480,000 in May, according to The Cromford Report.
"The Arizona housing market is experiencing one of the most rapid reversals in real estate history," said Greg Hague, CEO of Scottsdale-based 72Sold.
"Fast rising interest rates have depressed buyer demand, and a dramatic increase in homes for sale has made buyers more cautious and price sensitive," he said. "This is why the latest stats show the median price of Phoenix metro homes declines by almost 5% in the past two months."
"A period of recalibration is now front and center in the Phoenix housing market," said Steven Hensley, market advisory manager for Zonda.