Home prices across most metro Phoenix cities have either declined or remained steady compared to last year, reflecting the broader cooling trend in Arizona’s real estate market. Rising mortgage rates and affordability issues have slowed demand, even as inventory has increased, giving buyers more negotiation power and holding back price growth in popular suburbs like Chandler, Mesa, and Scottsdale.
Despite the slowdown, some areas experienced only modest drops or even slight gains in home prices, as local factors and continued migration from other states kept certain neighborhoods in demand. Real estate experts say the market’s future will depend on interest rate changes and broader economic conditions, with a gradual shift away from the frenzied pace seen in recent years.
Read the original Arizona home sales article.
