Metro Phoenix home sales are slowing, so sellers brace yourselves.Interest rates dipped a bit recently, but not enough to draw more homebuyers. And the housing market typically cools during the holidays.Still, the Valley’s median home price ticked up despite slower sales.Valley home sales dipped to 5,025 last month, down 7% from September, according to the Arizona Regional Multiple Listing Service. Sales are expected to fall from October to somewhere in the 4,500 range for November.The Phoenix-area median home price inched up to $437,000 in October from $431,000 in September.Rising interest rates started putting the brakes on soaring home sales and prices during the summer of 2022. The current rate for a 30-year mortgage is hovering around 7.4%, down from 7.8% a month ago, according to Freddie Mac. But the average rate is still more than double what it was in January 2022.“Interest rates and affordability continue to dominate housing,” said housing analyst Tom Ruff with The Information Market, a division of ARMLS. “With the 30-year fixed mortgage rates persisting at 20-year highs, low inventory and high prices are keeping both sellers and buyers on the sidelines.”More traditional buyers showing up with cashMetro Phoenix’s median home price is expected to dip to $435,000 in November based on pending sales. The area’s median hit a record of $475,0 …
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