The Valley's housing market is still strong with prices setting new records and the number of sales continuing to soar.

Valley Real Estate experts do not see signs of a major correction.

According to Tina Tamboer, senior housing analyst with the Cromford Report, a potential plummet in the area's home prices "is not happening".

Metro Phoenix median home price hit a new record of $278,000 in May and likely climbed to $280,000 in June.

Maricopa home sales hit 10,341 in May, the highest monthly tally since the boom of 2005.

Mortgage interest rates are down from nearly 5% in November to the current rate of just under 4%.

A Housing Perspective

In the 2005-2006  boom years, prices skyrocketed about 50%.  Home prices in the past few years have climbed a more modest 6% to 8%.

This spring, the U.S. median home price did fall and the cities on the East and West coasts are seeing declines.  However, Metro Phoenix home prices are still much lower than those areas.

Also, current stricter  mortgage underwriting standards and the elimination of "crazy money" are two of the main reasons, I and others believe we are not in a bubble.  The differences between the boom years and now are significant.