Buyers hoping for metro Phoenix home prices to fall this year as they are in some other U.S. cities have been disappointed.
The Valley’s housing market is still hot with prices setting new records and sales soaring.
Real estate experts don’t see signs of a crash looming.
Still a sellers’ market
Metro Phoenix’s median home price hit a new record of $278,000 in May and likely climbed to $280,000 or more in June, according to the latest report from the Information Market, owned by the Arizona Regional Multiple Listing Service.
Valley home sales hit 10,341 in May, the highest monthly tally since the housing boom in 2005.
A little housing perspective
Valley home prices shot up 50% in two years during the boom in 2005 and 2006. Home prices have climbed at a far more modest 6% to 8% the past few years.
The U.S. median home price did fall in April, and cities on the East and West coasts are seeing declines. But metro Phoenix’s home prices are still much lower than those areas.
Average interest rates are in the low 3%’s, and with our preferred lender Evan Einhorn of Modern Home Lending 602-456-2273, closer to 3% or less. Also ask for information about down payment assistance programs, renovation, VA, Hero’s, first responder, medical personnel, government worker specialty loans/savings, doctor loans, and jumbo loans.
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