Home sellers in Arizona are leading the nation in cutting listing prices as the housing market cools. According to recent data, nearly 43% of Phoenix-area home sellers reduced their asking prices, more than any other major metro in the U.S. Experts cite rising mortgage rates, decreased buyer demand, and a surplus of homes on the market as key reasons behind the growing trend of price reductions across Arizona cities.
This shift is a stark reversal from the past few years, when bidding wars and soaring prices were common. Now, homes are spending more time on the market, and sellers are adjusting their expectations accordingly. Other areas in Arizona, like Tucson, are also seeing notable price cuts, suggesting that the entire state is feeling the effects of a more balanced market.
Read the original Arizona home sales article.
