After years of sky-high prices and fierce bidding wars, homebuyers in the Phoenix metro area are finally gaining the upper hand. A recent uptick in housing inventory, slowed purchase activity, and lengthening days on market are giving buyers room to negotiate. Although prices remain elevated compared to pre-pandemic levels, the balance of power is shifting away from sellers, with fewer homes selling over list price and more price reductions being seen across the Valley.
According to housing experts, more modest price growth and rising supply mean buyers aren’t feeling as pressured, especially with mortgage rates stabilizing. Some sellers are even offering concessions like rate buydowns to attract offers. This cooling trend reflects a broader correction in the Phoenix housing market, which experienced some of the country’s fastest-rising prices during the pandemic boom.
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