Arizona has emerged as the leading state for home price reductions in the U.S., with sellers cutting listing prices at a greater rate than anywhere else in the country. According to recent data, more than 42% of home sellers in the state have dropped asking prices, a sign that a cooling market and higher mortgage rates are impacting buyer demand. This trend is especially pronounced in the cities of Phoenix, Mesa, and Tucson, where price cuts are more frequent as sellers try to attract potential buyers amid rising inventory.
The national real estate market is also experiencing a similar pattern, though not quite as pronounced as in Arizona. Experts attribute these trends to surging mortgage rates, which have made homes less affordable and decreased buyer activity overall. The current market conditions have prompted many sellers to adjust expectations and get more competitive with pricing in order to close deals in a slowing housing market.
Read the original Arizona home sales article.
