With interest rates skyrocketing house prices are coming back down.
Why it matters: When home prices started to fall this summer, many were reminded of the 2008 housing crash, which left more than two-thirds of metro Phoenix homeowners underwater on their mortgages.
But experts tell Axios Phoenix the market is just settling after more than two years of unsustainable growth.
State of play: The median home sale price fell by $5,000 in June and $20,000 in July after rising by an average of almost $9,000 per month since January 2021.
Yes, but: July’s median sale price was still $440,000 — $45,000 higher than it was a year ago.
Flashback: Jamison Lunnen, vice president of real estate operations at Homie, says the 2008 crash was a combination of bad lending practices and negative equity — neither of which is an issue today.
Buy here: Local broker Rebecca Hidalgo Rains says there are actually several cities in the Valley that are officially a buyer’s market, according to August’s Cromford Market Index, which measures the balance of supply and demand.
Buckeye, Maricopa and Gilbert are a few that have higher supply levels than demand.Axios Phoenix By Jeremy Duda and Jessica Boehm · Sep 08, 2022