Home prices in the Phoenix area are showing modest growth as the real estate market begins to stabilize following recent fluctuations. According to the latest data from the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, the Phoenix metro saw a 1.9% annual increase in home prices. Despite the growth, the city’s housing market is performing at a slower pace compared to the double-digit increases seen during the pandemic boom.
Real estate experts say the Phoenix market is returning to more balanced conditions with stable pricing and normal levels of supply and demand. As mortgage rates remain elevated, homebuyers are adjusting their expectations, leading to a cooling in aggressive competition and bringing the market closer to pre-pandemic norms. Analysts predict this trend will continue through the rest of 2024.
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