Metro Phoenix home sales and prices tick up in April. What's the May forecast?

Metro Phoenix home prices and sales ticked up in April, typically one of the best months for the region's housing market.

Sales were supposed to rise again in May based on pending sales, according to the Arizona Regional Multiple Listing Service.

The Valley's median home price climbed $5,000 from March to almost $450,000 in April. But prices were expected to be flat in May, partially due to higher interest rates tamping down demand.

"We are currently on the downside of the spring buying season in greater Phoenix," said housing analyst Tom Ruff of The Information Market, a division of ARMLS.

Metro Phoenix home sales totaled 6,568 last month, up about 200 from March.

Most Valley ZIP codes saw home prices climb during the first quarter compared to the first quarter of 2023.

Home listings were flat from March but up significantly from last year, giving homebuyers more choices.

"Buyers have 37% more homes to choose from than they had last year but still face 30-year mortgage rates of over 7%, which is limiting demand," said Mike Orr, founder of The Cromford Report.

The number of days it's taking Phoenix-area houses to sell was flat from March at 67.

Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040. Follow her on X, formerly Twitter: @CatherineReagor.