Arizona homeowners are leading the nation in price cuts as the state’s real estate market cools off. According to recent data, sellers in cities like Phoenix are slashing asking prices more frequently than in other metro areas, with almost 43% of active listings in the Phoenix region experiencing a reduction. Rising mortgage rates and increased housing inventory have made it more challenging for sellers to command high prices, prompting many to lower their expectations to attract buyers.
This trend is notable compared to other markets, as Arizona’s housing boom during the pandemic had previously driven rapid price gains and fierce competition among buyers. Now, as affordability pressures mount and demand wanes, price drops have become commonplace, signaling a shift toward a more balanced market. Experts note that buyers now have more negotiating power, and Arizona may serve as an early indicator for broader national trends in real estate.
Read the original Arizona home sales article.
