No Crash Predicted For Metro Phoenix Housing Market

By Catherine Reagor | Arizona Republic

The Phoenix area’s housing market is showing no signs of crashing despite job losses and other economic hits because of COVID-19.

The region’s home sales typically dip during the summer, as fewer buyers opt to brave triple-digit temperatures to check out and commit to houses. Now, with masks and other distancing and safety precautions, it would seem more buyers would stay home.

But contracts to buy Phoenix-area homes priced above $300,000 soared over the past week, according to The Cromford Report.

“National reports calling for Phoenix’s housing market to crash this year are wrong,” said Tina Tamboer, senior housing analyst with Cromford, at a recent HomeSmart Elite video meeting with hundreds of agents.

Record low-interest rates are helping boost sales, and it’s still a strong seller’s market, Tamboer said.

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