Home sales in Phoenix have experienced a notable slowdown in recent months, with the market seeing a decline in both the number of homes sold and overall buyer activity. High interest rates, coupled with increased home prices, have created affordability challenges for many prospective buyers, which has contributed to a decrease in closed transactions. Despite these headwinds, sellers have shown reluctance to reduce asking prices, hoping for a rebound in demand, while available inventory remains relatively tight.
Industry experts note that while the market is cooler compared to the recent surge during the pandemic, a significant drop in prices has not yet materialized. Many buyers are choosing to wait for lower rates or more favorable conditions, while sellers benefit from limited competition. The outlook suggests continued sluggishness unless interest rates decrease or other economic factors shift to improve affordability for buyers.
Read the original Arizona home sales article.