Home prices in the Phoenix metro area are experiencing modest growth as the housing market begins to stabilize, following several years of volatility. According to the latest S&P CoreLogic Case-Shiller report, Phoenix home prices rose just over 1% year-over-year, a stark contrast to the double-digit increases seen during the pandemic boom. Experts suggest this slower growth rate is a sign the market is returning to more balanced, “normal” conditions, with inventory improving and buyer demand remaining steady despite higher mortgage rates.
Industry analysts believe the housing market will continue to level off throughout the year, avoiding the dramatic spikes and drops seen in recent memory. While affordability remains a concern due to elevated interest rates and home prices, the current trajectory suggests less competition and more stability for both buyers and sellers. Read more about Arizona home prices.
