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Phoenix area housing market is cooling off

The housing market has been a seller’s game for a while now. But in metro Phoenix, it's been cooling off.

Tina Tamboer is a senior housing analyst with the Cromford Report, says indicators show a stable, balanced market in the near term.

"What that generally means is first thing that you’ll see is not prices decline. The first thing you’ll see is a stagnation," Tamboer said. 

She says the median home price is just about dead even with last year’s. Since July, interest rates for some loans have dropped as low as 6.7%.

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Jill Ryan joined KJZZ in 2020 as a morning reporter, and she is currently a field correspondent and Morning Edition producer.