Phoenix home prices have shown modest growth as the housing market begins to normalize following the rapid fluctuations of recent years. According to the latest data from Arizona Regional Multiple Listing Service, the median sales price of a home in the Phoenix metro area rose less than 1% from the previous month, reaching $445,000 in April. Analysts note that this slower, steadier increase signals a return to more typical market conditions after the pandemic-induced boom and subsequent cooldown.
Experts attribute this shift to a balance between supply and demand, along with higher mortgage rates that have tempered buyer enthusiasm. Inventory has increased slightly, giving buyers more options without prompting a drop in prices. While the market still favors sellers, both buyers and sellers are adapting to more level conditions, leading to stable pricing trends across the Valley.
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