PHOENIX – Home values fell by 2.8% in metro Phoenix over the last year, one of the biggest drops in the country. Does that mean the Valley is now a buyer’s market?
Price isn’t the only indicator shifting in buyers’ favor, with inventory up and mortgage costs down. Still, many potential Phoenix homebuyers are choosing to wait.
“The number of homes on the market is up almost 38% from last year in Phoenix, and that’s almost double what we see nationally,” Kara Ng, a Zillow senior economist, said Tuesday.
Ng noted that Phoenix buyers now have more homes to choose from than at any point since 2019, but pending sales are down nearly 5% year over year.
“Both home values and mortgage rates were down …
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