Home sellers in Arizona are making more price cuts than those in any other state, according to recent housing market data. In areas like Phoenix, nearly 44% of listings saw price reductions over the past month, signaling a shift as high mortgage rates and cooling demand have slowed the market. By comparison, about 36% of home sellers nationally have reduced their list prices, but Arizona leads with the highest percentage of price drops in the country.
Experts say Arizona’s housing boom during the pandemic led to rapid price appreciation, but now with buyers facing affordability challenges, sellers are adjusting expectations. While overall sales volume remains steady, these widespread price cuts suggest that sellers are having to compete harder for offers as inventory remains elevated and buyers grow more selective.
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