Arizona is currently leading the nation when it comes to home sellers offering price cuts, according to recent real estate data. In September, more than 40% of homes listed in Phoenix saw a price reduction, far surpassing the national average of 19.2%. Analysts attribute this trend to softening demand, rising mortgage rates, and increased housing supply, which are prompting sellers to readjust their asking prices in order to attract buyers.
Experts say Arizona’s cooling housing market reflects a broader nationwide shift, but with especially strong effects in the Southwest. Other metros like Austin and Las Vegas are also seeing an uptick in price drops, but Phoenix and other Arizona cities remain at the forefront. While price cuts can present opportunities for buyers, experts caution that affordability challenges remain high due to persistent mortgage rates and the lingering impacts of previous price surges.
Read the original Arizona home sales article.
