Home sales (Photo: File photo)

Many metro Phoenix houses priced below $500,000 are drawing multiple offers within hours of being listed for sale.

That means a lot of potential homebuyers are walking away from open houses or new listings defeated.

Most sellers are upbeat about rising prices but then face heated competition to buy another house.

The lack of houses for sale in the Phoenix area and record-low interest rates enticing more buyers are working together to push home prices to a new record. The median price of a metro Phoenix house hit $325,000 in August, according to the Arizona Regional Multiple Listing Service. That’s up $5,000 from July.

August’s price is a 18% price jump from last summer, and the forecast calls for prices to hit another high in September.

“While many economists predicted a shutdown in our housing market, the exact opposite has happened,” said veteran housing analyst