Arizona home sellers are making more price cuts than anywhere else in the country, according to new data. With rising mortgage rates dampening buyer demand, nearly 44% of homes for sale in Phoenix reduced their asking price in August, the highest rate among major U.S. metros. Other Arizona cities, such as Tucson, are also seeing a growing trend of sellers lowering prices, making the state a leader in price reductions.
Experts suggest that the surge in price cuts is a response to affordability challenges for buyers, as both home prices and borrowing costs remain elevated. While the national housing market remains tight, Arizona’s increased inventory combined with sluggish demand is prompting sellers to adjust their expectations to attract buyers in a cooling market.
Read the original Arizona home sales article.
