Phoenix home prices are expected to decline in the coming months, according to a recent forecast by Goldman Sachs. The financial firm predicts a roughly 3% drop in the Valley’s median home prices during the rest of 2024, citing high mortgage rates and decreased buyer activity as the main drivers. While the market has seen some stabilization, persistent affordability concerns have continued to keep many potential homebuyers on the sidelines.
Despite these projected price drops, local real estate experts say the Phoenix housing market remains competitive, though it is showing signs of cooling compared to the dramatic surges seen in previous years. Factors such as high interest rates, rising inventory, and economic uncertainty are contributing to a more balanced landscape for buyers and sellers alike as the year progresses.
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