Arizona home sellers are leading the nation in reducing asking prices as the real estate market cools. According to recent data, nearly 45% of homes for sale in metro Phoenix saw price cuts this summer—higher than any other metro area in the U.S. This trend comes as elevated mortgage rates and rising costs have sidelined many would-be buyers, forcing sellers to adjust expectations to attract interest.
The slowdown marks a dramatic shift from the recent housing boom, when bidding wars and skyrocketing prices were common. Now, with more homes on the market and fewer buyers able to afford them, price reductions are becoming increasingly widespread. Experts say that until mortgage rates drop or incomes rise significantly, sellers may continue to face pressure to lower prices.
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