Phoenix home prices have shown a modest increase as the housing market steadies following the rapid fluctuations of recent years. According to recent data, home prices in the metro area rose by just under 2% over the past year, suggesting a shift toward more normalized market conditions. Experts report that the market is seeing a balance between supply and demand, as buyers have adjusted to higher mortgage rates and sellers are becoming more realistic with pricing.
The recent stabilization comes after a highly competitive period that saw home prices skyrocket during the pandemic, followed by a cooldown fueled by rising interest rates. Now, with fewer bidding wars and longer listing times, analysts don’t anticipate significant price swings in the near term. The local real estate market appears to be transitioning into a more sustainable environment for both buyers and sellers.
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