The number of home sales in metro Phoenix dipped 20 percent compared with May 2013.
As the temperatures climbed in May across metro Phoenix, prospective homebuyers stayed out of the market. Prices were flat, and sales fell dramatically from the year before.
The median sales price for a Valley house was $205,000 in May, the same price it has been since March, according to the latest report from the W.P. Carey School of Business at Arizona State University.
In May, 7,935 houses sold. The number of sales was down 3 percent from April and down 20 percent from May 2013.
"Demand has been much weaker since July 2013," said Mike Orr, director of the Center for Real Estate Theory and Practice at W.P. Carey.
He said the housing market has become "extremely quiet" as some sellers canceled listings to wait for more buyers to enter the market.
Although the supply of houses for sale is falling, demand will have to pick up for median prices to climb again this year, Orr said.
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