Metro Phoenix home prices and sales ticked up in March, but higher interest rates are affecting the market in April.The Valley’s median home price rose $5,000 to $445,000 last month, according to the Arizona Regional Multiple Listing Service. Sales increased by about 1,000 from February to 6,541 in March.The median home price is projected to climb to $449,000 during April based on pending sales, but sales are expected to be flat from March.“With pesky inflation holding ground, the hope that the Federal Reserve would implement three rate cuts this year is dimming,” said housing analyst Tom Ruff of The Information Market, a division of ARMLS.With mortgage rates back up in the 7% range, home sales could dip 5% to 7% during the second quarter compared with the same time last year.The average 30-year mortgage rate ticked up to 7.10% last week, according to Freddie Mac. It’s the first time this year the rate has topped 7%.The average mortgage rate hovered around 3% in 2021 and 2022, giving the housing market a big boost. When rates started climbing above 6% during fall 2022, Valley home sales and prices fell from record highs.Spring is the top buying season for metro Phoe …
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