PHOENIX — According to data recently released by the Arizona Regional Multiple Listing Service, interest rates have continued to erode the Valley’s median home prices, which fell to $431,000 in September from $435,000 in August.
“As our market trudges through rising mortgage rates and scarce housing supply, September, as well as third quarter closing numbers, report more of the same: dismal transaction volume,” analyst Tom Ruff said in the ARMLS October report.
On Oct. 6, mortgage rates were at 7.81%, the highest rate in 23 years. One year ago, the 30-year mortgage rates were 7.04%, and rates two years ago were at 3.13%.
June’s median sales price of $443,000 is the highest of the year so far and Ruff said he anticipates it will likely be the high-water mark for the year.
“With September’s reported median price and October’s PPI now …
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