After a period of volatility, the Phoenix housing market is showing signs of stabilization, with home prices experiencing modest growth. According to the latest data from the S&P CoreLogic Case-Shiller Index, Phoenix saw a 1.1% year-over-year increase in home prices as of March 2024, signaling a return to more typical market conditions. Industry experts say that although the rate of appreciation has cooled compared to the pandemic boom, this tempered growth may offer a healthier and more sustainable outlook for buyers and sellers alike.
Real estate professionals note that buyers now have more negotiating power, and homes are taking slightly longer to sell than during the peak demand periods. Mortgage rates remain a key factor influencing market activity, but a steadier trend in pricing offers some optimism for potential homeowners. As Phoenix continues to draw new residents, the market is expected to maintain a balanced trajectory through the rest of the year.
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