Homebuyers in the Phoenix metro area are seeing stable home prices but fluctuating mortgage rates. The median sales price in March was $455,000, a slight increase from the same time last year. Trevor Halpern, CEO of Halpern Residential, said, "Mortgage rates are bouncing. They’re all over the place. I mean, inner day, we’re seeing changes," reflecting continued shifts in borrowing costs, according to AZFamily.
Home sales in Phoenix have increased by 4.1% compared to last year. The median home price in Greater Phoenix is now $490,000, up 5.8% from $463,000 last year, as cited by AZBigmedia. Despite changes in mortgage rates and economic conditions, the market has seen more new listings and business investments in the area. Halpern advised buyers to be financially prepared for possible economic changes, stating, “You want to be positioned really well,” as per AZFamily. He also recommended that sellers keep their homes ready to show to attract buyers.
The housing market in the Phoenix metro area shows regional differences. Most of Phoenix remains a seller's market, while Surprise has a nearly flat median sales price and Buckeye has seen a 7.3% increase. However, home sales in Buckeye have declined. Scottsdale’s luxury market saw a 31.6% rise in median home prices, reaching $1,315,000. These changes are happening as Arizona experiences job growth and industrial expansion. Phoenix REALTORS® Board President Christy Walker said, "Greater Phoenix is still a fast-growing market," as mentioned by AZBigmedia.
