Arizona home sellers are leading the nation in making price cuts as the housing market cools and affordability concerns increase. According to recent data from Zillow, over 45% of Phoenix-area home listings saw price reductions in August—the highest among the 50 largest U.S. metro areas. Elevated mortgage rates and rising home prices have created challenging conditions for buyers, prompting sellers to adjust asking prices to attract more interest. Other Arizona cities, including Tucson, are also seeing increased price reductions as the state’s real estate market shifts from the frenzied pace of previous years.
Nationally, the housing market has been impacted by persistently high mortgage rates, sidelining many potential buyers and causing inventory to grow in some areas. In Arizona, the marked shift toward price cuts suggests both sellers and listing agents are reacting to slower sales and longer times on the market. As buyers regain leverage, experts anticipate further adjustments, especially if borrowing costs remain high or climb higher before the year’s end.
Read the original Arizona home sales article.
