After years of soaring prices and intense competition, Phoenix homebuyers are finally gaining leverage in the housing market. Inventory has surged, with nearly 20,000 active listings—double what was available in early 2023. This increase has cooled the market, giving buyers more options, reducing bidding wars, and leading to more price cuts. While mortgage rates remain high, the shift in supply has put pressure on sellers to settle for lower offers or make concessions to attract buyers.
Real estate analysts attribute the changing dynamics to a combination of high interest rates slowing demand and frustrated sellers trying to cash in before prices potentially fall further. Some suburbs are seeing price declines compared to last year, particularly in areas like Buckeye and Queen Creek. Industry experts suggest the current conditions may continue through the summer, offering more balance to a market that has heavily favored sellers in recent years.
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