Phoenix home prices poised to drop as inventory surges, analysts say

Home prices in metro Phoenix are expected to drop within the next three to six months, according to local analysts.

Tina Tamboer, senior analyst for The Cromford Report, said the biggest housing story within the next six months will be the decline in year-over-year home sales prices.

While it’s been a buyer’s market in the metro since last November, the window is only going to last so long, she said.

“You can’t have the bottom of the lowest possible price and a buyer’s market. You get one or the other. Because by the time the bottom of the market emerges, everybody knows about it,” Tamboer said. “You end up with everybody competing with you on getting that perfect home at the perfect price. Guess what: prices start going up again.”

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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