Headlines Of "Slowdown" Not Necessarily True

The headlines this past week warned that resale home prices are "peaking" and the rising interest rates "may slow sales of homes". Don't believe it.

If you read down into the stories you see that in August of this year, more resale homes were sold in the Phoenix market than August of a year ago. And while interest rates area up, they aren't up that much.

We do have increasing inventory in resale homes and increasing days on the market but the median home price reached an all time high last month of $263,000.

So, while things have cooled off, prices are still increasing and there is quite a bit of buyer pressure still out there in the market.

Richard