Published September 27, 2023
Metro Phoenix median home price on track to fall in September. Here's why
Metro Phoenix median home price on track to fall in September. Here's why
Metro Phoenix's median home price is expected to dip in September because one segment of the market was slow over the summer.
The Valley’s median home price will fall by $5,000 to $430,000, according to pending sales tracked by the Arizona Regional Multiple Listing Service.
“Housing inventory has remained meager, demand has softened, and interest rates have risen,” said housing analyst Tom Ruff with The Information Market, a division of ARMLS.
But he said September’s expected dip isn’t an indication of falling prices. Instead, it’s a seasonal “wobble” because luxury home shopping ebbs in July and August.
Phoenix-area home sales were up almost 6% to 6,095 in August from July.
Listings inched up about 3% to almost 14,500 but are still way below average as homeowners hunker down to avoid high mortgage rates.
The average number of days it took Valley houses to sell in August was almost flat at 58.
“The important measure is the balance between supply and demand, not demand on its own,” said Michael Orr, founder of the housing analytics firm The Cromford Report. “At the moment, supply is down more than demand is down, so prices are firm.”
