Phoenix home prices have begun to rise modestly as the real estate market continues to stabilize following the volatility of the past few years. According to the latest data from the Cromford Report, the median sales price in the Phoenix metro area has increased by 2% year-over-year, signaling a slow yet steady recovery. Experts say this shift reflects a return to more normal market conditions, with balanced supply and demand. While housing inventory remains relatively low, there has been a gradual increase in listings, giving buyers more options while still supporting modest pricing gains.
Despite higher mortgage rates than during the pandemic housing boom, buyer interest remains solid, driven by population growth and a robust local economy. Analysts note that the rapid price escalations seen in 2021 and early 2022 are no longer sustainable and that the current pace of growth is more in line with historical norms. This stabilized market could lead to better opportunities for both buyers and sellers in the coming months, particularly as confidence slowly returns to the housing sector.
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