After years of soaring prices and intense competition, the Phoenix housing market is finally tipping in favor of buyers. Recent data shows a surge in available inventory, giving house hunters more options and negotiating power than they’ve had in a long time. Sellers are facing increased competition and are more willing to offer price reductions or cover closing costs to seal deals.
Experts attribute this shift to higher mortgage rates and a gradual return to normalcy after the market’s pandemic-fueled boom. While some sellers are still holding out for top dollar, others are adjusting expectations as homes linger longer on the market. Buyers in Phoenix now have a rare chance to take their time and shop around, a stark contrast to the frenzied conditions of previous years.
Read the original Arizona home sales article.
