After years of soaring home prices and stiff competition, buyers in the Phoenix housing market are finally seeing the advantage shift in their favor. With mortgage rates remaining high and inventory more abundant than in recent years, sellers are increasingly offering price reductions and concessions to attract interest. The median home price in metro Phoenix has plateaued, and homes are taking longer to sell, indicating a cooling market that provides more negotiating power to buyers.
Experts note that while Phoenix remains a desirable market with ongoing population growth, the urgency among buyers has decreased. Demand has softened due to affordability challenges, and more homes are lingering on the market. Real estate analysts suggest this trend could continue through the rest of the year, giving prospective homebuyers a better opportunity to secure deals and favorable terms.
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