PHOENIX — Valley home prices dropped in July, leaving many homebuyers wondering if a buyer's market is imminent, even in the midst of higher mortgage interest rates.
The monthly average home sales price in July dropped 9.6% compared to the previous month, from $602,586 to $546,403, according to The Cromford Report. The median sale price in July fell 4.8%, from $475,000 to $452,000.
Greg Hague, president of Scottsdale-based 72Sold, blames the Federal Reserve's aggressive interest rate increases on the unexpectedly large drop in July home prices.
"Interest rates have almost doubled, making homes significantly less affordable to buyers who need financing, which is most buyers," Hague said.
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