The median home price in the Phoenix metro area remains steady at $450,000, showing resilience in the face of rising mortgage rates and persistent inventory challenges. Despite fewer homes available compared to pre-pandemic levels, demand continues to outstrip supply, with buyers facing tough competition, especially for more affordable properties.
Meanwhile, the region’s luxury market is experiencing notable growth, with home sales above $1 million seeing a remarkable uptick. Experts attribute this trend to strong interest from affluent buyers both locally and from out of state. While the overall number of home sales has seen a slight dip, the luxury segment’s robust performance is helping anchor the broader market’s stability.
Read the original Arizona home sales article.