Is this the end of the housing market in Phoenix? Between all the new construction, rising interest rates, and stricter lending standards, it seems like the Greater Phoenix real estate market has taken a major hit. But is this the end of the housing market in Phoenix? According to our latest data, home prices in the Phoenix metro area have decreased by 1. 5% over the past month, and they're down by more than 5% over the past year! But fear not market lovers, since our data only reflects the current market conditions (so things could feasibly go back up in the future). So what's causing all of this mayhem? Well, for starters, there's the rising interest rates. According to our LendingTree research, interest rates on 30-year mortgages have surged by almost 3% in the past year, and this has had a big impact on home prices. Additionally, stricter lending standards are now being enforced by the banks, which is making it harder for people to get mortgages. And finally, there's the big issue of new construction. In the past year, there's been a ton of development going on in the Phoenix area, which has made the housing market much more expensive. So if you're looking to buy a home in the Greater Phoenix area, you might want to act fast!