Metro Phoenix home prices, sales climb as interest rates dip

By: Catherine Reagor

Mortgage rates started ticking down in February and metro Phoenix home prices and sales ticked up.

The Valley’s median home price climbed $5,000 from January to $455,000 in February, according to the Arizona Regional Multiple Listing Service.

Home sales reached 5,638 last month, up from 4,578 in January.

March’s Phoenix-area home sales could jump above 7,000 based on ARMLS’s pending sales count.

“We have seen a massive boost in listings after people held off trying to sell late last year,” said Tina Tamboer, a senior housing analyst with The Cromford Report. “That has pushed us back to a buyers’ market.”

Metro Phoenix home listings are up by almost 4,000 from December to 23,700.

If mortgage rates hadn't dipped, she said, the increase in listings could have meant a "glide down" in prices.

The average 30-year mortgage rate is 6.65%, according to Freddie Mac. That’s down from 7% in early January.

Some economists are forecasting rates could keep falling due to market jitters from recent stock price drops.

Final Thoughts

For out-of-state buyers eyeing Phoenix, now could be the perfect time to make a move. With home prices rising and sales picking up as mortgage rates dip, buyers have more options thanks to an increase in listings. Whether you're relocating for work, lifestyle, or investment, the Phoenix real estate market is shifting in your favor.

If you’ve been waiting for the right moment to buy, act now before demand drives prices even higher!