Drop in Valley housing prices

After a seeing prices soar, housing prices are heading down. The Valley’s median home price slipped $1,000 last month to $438,000, according to the Arizona Regional Multiple Listing Service. Senior Real Estate Reporter at the Arizona Republic, Catherine Reagor, sits down with Ted to discuss this new decrease.

“It’s been a sellers market, a balance market and a buyer’s market all in one year,” said Reagor.

Real estate prices in Phoenix are dropping and are expected to dip again next month, according to Reagor. The driving force of this dip is a decrease in supply.

“Home owners took houses off the market that they put on in August and September realizing it might not be the best time to sell,” said Reagor. “We are headed strait into our big home-buying season, and it helps we have the Super Bowl coming and everything going on… so that will be interesting.”

The median home price in the Phoenix area is on track to drop to $419,000 in November, based on pending sales. That’s down almost 12% from the $475,000 record hit in May.