Valley home prices are expected to fall 3% to 5% year-over-year from last year’s numbers by the end of 2025, according to Tina Tamboer, a housing analyst with the Cromford Report.

The current median home price in Maricopa County is $445,000 and more single-family homes could exchange hands if mortgage rates tick down, Tamboer said.

As of Aug. 5, the average 30-year fixed-rate mortgage was 6.72%, according to the Freddie Mac website.

“If rates go below 6.5% — we’ll definitely see some more buyer activity,” Tamboer said.

Now, Valley sellers “are providing a bit more” to buyers while those buying homes are getting a nicer place to live in the form of upgrades, the housing analyst said.

In the past 30 days, 69% of Valley home sales in the $300,000 to $400,000 range had some sort of conces

See Full Page