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According to ARMLS, median home prices in March were set at $419,000, $56,000 lower than May 2022′s record-high median of $475,000.
PHOENIX (3TV/CBS 5) – The Valley housing market is cooling down, experts said, correcting after what used to be one of the hottest markets in the country. Median home prices are down more than $50,000 from this time last year. “The prices went down anywhere from 8-10% depending on where you went in the Valley,” said Sindy Ready, First Vice President of Arizona Realtors. “Sellers are going to have to get a little more realistic.”According to ARMLS, median home prices in March were set at $419,000, $56,000 lower than May 2022′s record-high median of $475,000. Ready said there is more to the story than what the stats provide. “If you look at it over the course of time, it’s not that big of an adjustment,” said Ready.
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Ready said some of the more desirable parts of the Valley are seeing a 3-5% increase month over month. While the market has corrected, she said limited housing is still leading to competition for appropriately priced homes. “People are fighting over homes, coming a little bit over asking,” said Ready. The buyers are wanting houses and there is really more buyers than there are homes in that specific area of town.”Overall, Ready said it is a buyers’ market, and sellers may have to make some accommodations with these high-interest rates to make a deal, including covering closing costs so buyers can put more money down on their mortgage.See a spelling or grammar error in our story? Please click here to report it and include the headline of the story in your email.Do you have a photo or video of a breaking news story? Send it to us here with a brief description
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