Phoenix home prices are experiencing steady but modest growth as the real estate market continues shifting back to pre-pandemic norms. According to the latest data, home prices in the area rose just over 1% from a year ago, indicating a cooling trend compared to the rapid increases seen during the pandemic housing boom. Experts credit the more stable growth to balanced supply and demand, as well as rising interest rates that have tempered both buyers’ and sellers’ expectations.
While the increase is slight, it marks a return to more typical seasonal patterns and market behavior. Real estate professionals note that homes are sitting on the market a bit longer, and buyers are becoming more discerning, often negotiating more favorable terms. The overall sentiment suggests a healthier, more sustainable housing market for both sides of the transaction.
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