Metro Phoenix home prices have seen a notable decline, marking the first significant drop in several years as the area’s housing market cools. Recent data shows that the region’s median home price has fallen due to a combination of higher mortgage rates, increased housing inventory, and a general slowdown in buyer demand. This downward trend reverses the sharp price growth experienced throughout the pandemic, when low interest rates and strong demand fueled a surge in sales and home values.
Real estate experts suggest that the market correction is providing some relief for prospective buyers who were previously priced out. However, sellers are now facing longer listing times and the need to lower asking prices in order to close deals. Industry analysts predict that the metro Phoenix market will likely see continued moderation in prices as 2025 unfolds, with affordability slowly improving for many residents.
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